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The drop in fervency could be seen in the decline of the number of new A-share trading accounts opened each day. On Tuesday, the figure fell to a two-month low of 162,000, compared with a record 385,000 on May 28, the day before the duty increase.

The number climbed to 206,000 on Wednesday, but fell again to 180,000 the following day, indicating instability in market sentiment.

What comes in tandem is investors' no-longer-too-bullish prediction about future development of the stock market.

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In contrast with forecasts of the 6,000 or even 7,000 points mark for the benchmark Shanghai Composite Index at the yearend, many investors have lowered their expectations to 5,000, or lower. The index recorded an all-time high on May 29, at 4,335.34, an increase of nearly 62 percent from the start of the year.

"The index is unlikely to scale new highs within the year," a 60-year-old investor surnamed Ren said Thursday at the Huixin Dongjie Branch of Xiangcai Securities.

Another investor, calling himself Zhao, agreed, adding maybe the government would not like to see any level above 4,300.

The veteran investor expects another major correction following the launch of stock index futures, which might happen in the later half of the year.

Civil servant Tao was also unconfident. "I do not know," he replied when asked about his prediction about the future. "Maybe no one knows."

However, 49-year-old Liu was still bullish, even after the value of his portfolio of 100,000 yuan shrank more than 30 percent in the last week. "There is always ups and downs. China's bull run has just started," he said firmly, echoed by several females.

China's stock market became highly volatile after the Ministry of Finance tripled the stamp tax on stock transaction to 0.3 percent on May 29, as investors, fearful of further tightening measures, went on panic selling.

The Shanghai Composite Index tumbled 6.5 percent the day after the duty hike before plunging 8.3 percent on Monday for the second sharpest fall in a decade.