Stock Track | China Communications Construction Soars 14% as Hong Kong Stocks Rally on Stimulus Hopes

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China Communications Construction Co. Ltd. (01800) surged 14.02% on Wednesday, leading gains in Hong Kong's stock market as investors piled into construction and materials stocks amid growing expectations of more economic stimulus measures from Beijing.

The Hong Kong benchmark Hang Seng Index rallied 2.98%, with the Hang Seng Tech Index climbing 2.05%. The broad-based rally was fueled by the People's Bank of China's announcement of a 500 billion yuan ($70 billion) liquidity facility to allow securities firms to purchase stocks.

Traders are also pinning hopes on the Finance Ministry's upcoming briefing on fiscal policy this Saturday, anticipating announcements of additional government bond issuance and increased infrastructure spending to shore up economic growth.

"Investors are still holding out hope for an announcement from the Ministry of Finance that approves additional government bond issuance on top of this year's budget to support fiscal spending," said Jeffrey Kleintop, chief global investment strategist at Charles Schwab & Co.

Along with China Communications Construction, other top gainers included China Railway Construction (01186), which soared 10.91%, and Sunac (01918), which surged 17.33%. The Brewers, Automotive Retail, Copper, Oil & Gas Drilling, and Hotels Resorts & Cruise Lines sectors also saw significant increases.

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