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SHANGHAI: Chinese stocks closed lower amid range-bound trading on Tuesday, while Hong Kong shares rose for a third straight session, as China recovers from the impact of COVID-19 outbreaks, although analysts are flagging correction risks.

The blue-chip CSI300 index ended 0.1% lower at 4,325.57, while the Shanghai Composite Index lost 0.3% to 3,306.72 points.

The Hang Seng index rose 1.9% to 21,559.59, while the China Enterprises Index gained 2.0% to 7,549.58.

“China is on its way to an economic recovery, providing a favourable moment for its stock market,” said Max Luo, director of Asset Allocation China at UBS Asset Management.

“The pace of the recovery depends on the change in policies, and we are awaiting economic data expected in June and July to examine the recovery,” said Luo. “If the numbers are not strong enough, more pro-growth measures can be expected.” Still, some analysts have flagged worries about the market’s rise. “There are some signs that the market is a bit overheated, then it follows risks of correction,” said Wang Mengying, a stock index futures analyst at Nanhua Futures.

The CSI300 index has rebounded roughly 15% from a recent trough in late April, as trading activity also picked up. Turnover of China stocks topped 1 trillion yuan ($149 billion) for an eighth straight session.

“It’s only a correction in an upward economic cycle, which won’t lead to a bear market,” UBS’s Luo added.

The CSI300 Real Estate Index rose 0.4%, and the Hang Seng Mainland Properties Index gained 1.2% as data last week signalled a quick recovery in property sales.

Analysts, however, said the recovery in property market would be slow and they are monitoring more data to see if the rebound can be sustainable. Non-ferrous metal lost 3.1%, while new energy vehicle and defence stocks retreated 1.6% and 2.3%, respectively.

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