ASIA STOCKS rally after Fed keeps stimulus

Southeast Asian stocks rose sharply after the Federal Reserve’s surprise move to leave its stimulus measures intact.

Indonesian equities surged 7.4% earlier, though the advance was later pared to a 4.5% gain, while the Philippines added 2.9% and Hong Kong’s Hang Seng rose 1.7%.

Japan’s Nikkei climbed 1.3% and Australia’s S&P ASX 200 rose 0.9% to 5,287.00, after hitting a high of 5,300.10 earlier in the session. Singapore’s Strait Times index added 1.7%.

Regional gold miners jumped after gold knocked 4.2% higher overnight after the Fed move, with Newcrest Mining up 7.5%, Zhaojin Mining Industry rising 7.7% and Zijin Mining Group higher by 6%.

Property issues advanced, with Sun Hung Kai Properties Ltd. tacking on 3.2%, Wharf Holdings Ltd. up by 3.7% and Cheung Kong Holdings Ltd. adding 1.5%. 

Finance issues were stronger as well, including a 1.4% rise in HSBC Holdings PLC and a 1.8% gain in China Construction Bank Corp.'s. 

Some markets were unable to react to the Fed developments because of a public holiday, with both Shanghai and South Korea shut until the end of the week.

The Shanghai Composite closed Wednesday up 0.3% and South Korea’s Kospi fell 0.4% on Tuesday.

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