The Shanghai Stock Exchange, Shenzhen Stock Exchange and Beijing Stock Exchange announced the 2024 market closure arrangement, and the market will be closed on Chinese New Year's Eve. The market will be closed from February 9 (Friday) to February 17 (Saturday), and will be open as usual from February 19 (Monday). In addition, the market will be closed on Sunday, February 4 and Sunday, February 18.
The person in charge of the relevant department of the China Securities Regulatory Commission said that the main considerations for the closure of the market on Chinese New Year's Eve are as follows:
First, it is in line with the policy orientation of the Chinese New Year's Eve holiday. Previously, the General Office of the CPC Central Committee and the General Office of the State Council issued the Notice on Doing a Good Job in Relevant Work during the New Year's Day and Spring Festival in 2024, encouraging all units to combine the implementation of paid annual leave and other systems to arrange employees to rest on Chinese New Year's Eve.
Second, from the perspective of many years of trading Xi, investors have formed a Xi habit of not opening the market on Chinese New Year's Eve. Among the 12 Spring Festival holidays from 2012 to 2023, Chinese New Year's Eve was held 8 times from Monday to Friday, only 2014 Chinese New Year's Eve was not closed, and the remaining 7 times were closed. From the perspective of historical data of market operation, investors' willingness to trade on Chinese New Year's Eve is generally not high, and on Chinese New Year's Eve in 2014, the transaction amount of Shanghai and Shenzhen and the number of accounts participating in transactions have decreased significantly compared with before, and investors are Xi used to closing the market on Chinese New Year's Eve.
Third, it is in line with the results of market research. Judging from the preliminary research, all aspects of the market generally tend to be closed, especially individual investors generally hope to be able to close the market and reunite with their families on Chinese New Year's Eve. At the same time, securities and futures operating institutions also need to complete daily operations such as data processing, clearing, settlement, and system maintenance after the market is closed, and industry institutions generally hope that the market can be closed on Chinese New Year's Eve, and corresponding work can be arranged in advance.
The person in charge of the relevant department of the China Securities Regulatory Commission said that the follow-up securities and futures operating institutions need to adjust the trading calendar accordingly in the technical system, and the China Securities Regulatory Commission will also organize the exchange to do a good job in relevant business and technical connection to ensure the safe and stable operation of the institutional market.
(Source: CCTV News Client, Jingchu.com)