“Institutional investors won’t bet on market trends that last for a couple of days or weeks, but retail investors here do,” Amy Lin, senior analyst at Capital Securities, told the WSJ.

Shen Meng, director at Chanson & Co., a boutique investment bank, also warned that cautioun remains behind the thin trading. “Trading volume remains very small, which shows that investors in general are quite nervous about the trade and economic outlook,” he said.

Trades changing hands in China’s stock markets have averaged 297 billion yuan, or $43.6 billion, so far this year, or below last year’s 369 billion yuan and falling far short of the record 1.3 trillion yuan pace the market set just before the 2015 rout.

“Investors here like to push up these consumer stocks before big holidays, but if the broader market doesn’t do well, they will have less to consume,” Gu Honglin, an individual investor from the eastern province of Jiangsu, told the Wall Street Journal.

For more information on the Chinese markets, visit our China category.

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