Investing.com-- Chinese and Hong Kong stock markets fell on Tuesday as traders dialed back expectations that Beijing will lift strict COVID restrictions in the near future, particularly after authorities denied such a move was planned.
China’s bluechip Shanghai Shenzhen CSI 300 index fell 0.6%, while the Shanghai Composite index lost 0.5%.
Unfounded social media rumors that China planned to lift its zero-COVID policy sparked a massive rally in Chinese and Hong Kong stocks last week, helping them recover sharply from annual lows.
Officials were reportedly concerned over the cost of maintaining their zero-tolerance approach to COVID.
The index also recently hit a two-year low.
Goldman Sachs analysts recently predicted a 20% jump in stocks when a reopening does happen.
Source: Investing.com
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