Stock Track | China Rail Cons Soars 17.93% Amid Broad Hong Kong Market Rally

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Shares of China Railway Construction Corporation (01186) surged by an impressive 17.93% on Wednesday, closing at HK$6.46, amid a broad rally in the Hong Kong stock market. The Hang Seng Index (HSI) rose by 2.98%, while the Hang Seng Tech Index (HSTECH) climbed 2.05% on the same day.

The stock market surge was fueled by a series of factors, including the Chinese central bank's announcement of a 500-billion-yuan swap facility to provide liquid assets for securities, fund, and insurance firms to purchase stocks. This move is part of a broader economic stimulus package unveiled earlier, which has ignited a rally in equities.

Several industry sectors experienced notable gains, led by the Brewers sector with a 7.61% increase, followed by Automotive Retail at 7.29%, Copper at 6.80%, Oil & Gas Drilling at 6.72%, and Hotels Resorts & Cruise Lines at 6.36%. Individual stocks like China Resources Beer (00291), Sunac (01918), China Communications Construction (01800), and NCI (01336) also witnessed double-digit percentage increases.

Investors are eagerly awaiting the outcome of the government's planned briefing on fiscal policy on Saturday, pinning hopes that additional stimulus measures and support for economic growth will be announced. While the market has already seen a rally since late September following the unveiling of monetary stimulus, traders are anticipating more concrete fiscal measures to sustain the momentum.

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