Markets: China's big day - or not
If you know anything about the Chinese, the chances are that you know that the number 8 is auspicious. So 08.08.08 would be a fantastic day, right?
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Well, if you were at the opening ceremony for the Olympics, that began at 8 pm (ok, so 08.08.08.20 doesn't sound quite so good) then it was clear: China achieves the spectacular.
But just three hours earlier, or so, the Shanghai stock market had not done as expected.
For on such an auspicious date, the norm would be for one of two things to happen.
First, mass buying for shares bought on that day may be regarded as lucky, or
secondly, in anticipation of that lucky day, a steady but significant rise so that luck could be capitalised on that day by a sell off.
But the market did not undergo a sustained rise.
And on the most auspicious day for a hundred years, it fell more than 5%.
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