Asian stocks climb
Asian stocks climb Asian stocks gained the most in a month after the US Federal Reserve slashed interest rates by a hefty 50 basis points to boost economic growth. The Fed decision came as a surprise as most analysts had forecasted a 25 basis point cut. Samsung Electronics gained 2%, while top car market Toyota Motor surged 4.5% reflecting the market sentiment. Japan`s benchmark index Nikkei added 531.49 points, or 3.36%, to trade at 16,333.29. Hong Kong`s Hang Seng surged 769.10 points, or 3.13%, to trade at 25,345.95. China`s Shanghai Composite los t 20.91 points, or 0.39%, to trade at 5,404.30. Taiwan`s index Taiex added 40.80 points, or 0.46%, to trade at 8,940.71. South Korea`s KOSPI gained 50.24 points, or 2.73%, to trade at 1,888.85. Singapore`s Straits Times climbed 82.32 points, or 2.37%, to trade at 3,560.07. (8.25 a.m, IST)
