China stocks hit 8-week high, led by construction materials

SHANGHAI: China stocks hit eight-week highs on Thursday, getting a boost from glass and cement makers after the government signalled it would reduce overcapacity in the construction materials sector.
Hong Kong stocks hit four-month highs, with resources and industrial stocks among the best performers.
China's CSI300 index and the Shanghai Composite Index both gained 0.4 percent, to 3,395.95 points and 3,178.84, respectively. Cao Xuefeng, head of research at Huaxi Securities in Chengdu, said regulatory signals to cut overcapacity among construction materials makers had lifted related stocks. State media reported on Wednesday that Xu Lejiang, deputy head of the Ministry of Industry and Information Technology, said China would step up supply-side reforms in the construction materials sector.
Industry bellwether Anhui Conch Cement Co Ltd advanced 5.2 percent by midday.
Shares of glass producers Zhuzhou Kibing Group Co Ltd and CSG Holding Co Ltd gained nearly 2 percent.