Don’t pop the champagne corks just yet.

Market analysts have cautioned investors from riding the short-term rallies seen in the shares of Macau’s casinos in the past few days, warning that the sector remains to be a risky bet.

South China Morning Post reported that Global investment bank Morgan Stanley is sounding the alarm bells as Sands China’s improved June mass-market revenues had triggered a three-day speculation that Macau’s economy is starting to improve.

Sands China shares rose 6 percent on Tuesday, the most in four months, meaning the stock has risen 19 percent this month. The euphoria over Sands China’s positive data spilled over to other gaming shares, sparking an overall rally in casino stocks in HongKong.