SHANGHAI: Chinese shares closed higher on Tuesday as new coronavirus cases in the mainland tumbled and as President Xi Jinping's visit to the virus' epicentre lifted sentiment, while weak data raised hopes for more policy measures to support the economy.
The Shanghai Composite index ended 1.82% higher at 2,996.76 after swinging between losses and gains earlier in the session. Despite the gains, the index remains down more than 2.5% from last week's highs.
Falling infection cases and resumed economic activity"should support our relative optimism on A shares in a regional context, which rests on the premise that policy accommodation and positive flows factors should outweigh the COVID-19-related growth disruptions, hence driving moderate multiple expansion for A shares," Goldman Sachs analysts said in a note.
Around the region, MSCI's Asia ex-Japan stock index was firmer by 1.33%, while Japan's Nikkei index closed up 0.85%.
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