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Hong Kong stocks closed lower on Monday, as fears of prolonged lockdowns in some European countries dampened recovery hopes while a plunge in the Turkish lira also hit investor sentiment.

The Hang Seng index fell 0.4%, to 28,885.34, while the China Enterprises Index gained 0.2%, to 11,306.71.

Germany plans to extend a lockdown to contain COVID-19 infections into a fifth month, according to a draft proposal, after new cases exceeded levels authorities say will cause hospitals to be overstretched.

Confidence in the safety of AstraZeneca’s COVID-19 vaccine has taken a big hit in Spain, Germany, France and Italy as reports of rare blood clots have been linked to it and many countries briefly stopped using it, poll data showed.

Adding to the pressure was a slump in Turkey’s lira.

The lira plunged 15% to near its all-time low after markets opened following President Tayyip Erdogan’s shock weekend decision to oust a hawkish central bank governor and install a like-minded critic of high interest rates.

Analysts remain optimistic about Hong Kong stocks going ahead, citing low valuations.

The PE ratios of the Hang Seng index and the Hang Seng China Enterprises index remain far lower than that of the S&P 500, making them more attractive to allocate, CITIC Hong Kong analyst said in a note, recommending internet leaders and banking stocks with high dividends.

Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.21%, while Japan’s Nikkei index closed down 2.07%.

The yuan was quoted at 6.51 per U.S. dollar at 0829 GMT, flat compared to the previous close of 6.5097.

At close, China’s A-shares were trading at a premium of 33.46% over Hong Kong-listed H-shares.