A look at the stock market from a new perspective

Tens of millions of Chinese shareholders passed the Spring Festival holiday of 2005 in trepidation. Although the market had closed out 2004 with a rise of over 2 percent, which lent a ray of hope, this did not change the feeling of gloom that accompanied the recent 68-month low. People’s expectations now varied dramatically, buttressed by various reasoning, and it was highly uncertain whether the New Year would be one of celebration or despair.