The average trading volume at the Shanghai Stock Exchange fell to US$14.2 billion in February, a 35.2% month-on-month decrease, state media reported. The stock market was closed from February 13 to February 19 for the weeklong Spring Festival holiday. When the Spring Festival fell in January 2009, daily average stock turnover decreased by US$495.1 million. Analysts speculated that trading during the Spring Festival slows because many investors either cash out their investments prior to the holiday or await financial results to be reported after the holiday’s conclusion. The Shanghai Composite Index increased 110.58 points, or 3.6%, over the course of February.
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