CHINA’S stocks saw a reversal of fortune last week versus global peers as investors tiptoed back into the market, betting an expected lift of Shanghai lockdowns would spur a rally.

The CSI 300 Index rose 2% last week, its biggest jump in six weeks since Shanghai entered a city-wide lockdown. The Shanghai Composite Index climbed the most in three months, up 2.8%.

China’s shares stood out within a global sea of red last week and also outperformed major peers for the month so far.

Driving the turn in sentiment has been China’s stabilizing COVID-19 outbreak, with Shanghai saying it aims this month to halt the spread of COVID-19 in areas outside its tightly regulated quarantine zones.

Meanwhile, authorities’ pledges to support the economy also lifted sentiment and cheap valuations are making more traders willing to take risks.

“We don’t get so greedy as to try to time the market for the rock bottom,” said Yang Wei, a fund manager at Longwin Investment Management Co. “Valuations for some are now attractive enough to take the chance,” added Yang, who’s been building back equity positions since late March.

The CSI 300 Index had its worst January-April period since 2008 with a 19% loss.

(SD-Agencies)