Year of the Dog's Strong Start Bodes Well for Chinese Stocks
- Best starts for benchmark index also were in Year of the Dog
- Stocks always ended the year higher after gains on first day
Goodbye Rooster, Hello Dog
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Chinese stocks rang in the Year of the Dog with a bang, as the Shanghai Shenzhen CSI 300 Index rose the most since August 2016 on the first day of trading after the week-long new year holiday.
Since the benchmark index’s inception in 2005, every Chinese New Year that started with gains on the first day ended higher on the year. Also, Chinese astrology suggests that this year should be a good one financially, as the word for a dog’s bark sounds like the word for prosperity in Chinese.