CANBERA (dpa-AFX) - Asian stocks rallied on Thursday as investors digest the Fed's plans to taper the stimulus program and fears of a corporate collapse in China receded after China Evergrande reached settlement with mainland bondholders. Despite anxiety on whether the company would default on its coupon dues on a dollar bond on Thursday, most markets in the region moved in positive territory. Japanese markets were closed for local holiday.
China's Shanghai Composite Index gained 0.38 percent in the day's trade to close at 3,642.22 after embattled property giant China Evergrande said that its top priority was to help wealth investors redeem their products. PBoC meanwhile infused liquidity worth 110 billion yuan that supported trading sentiment.
Power generation business GD Power Development Company topped the price charts with a 10.12 percent gain.
The Hang Seng Index of the Hong Kong Stock Exchange gained 289.44 points or 1.19 percent from previous close to finish trading at 24,510.98. The day's high was at 24,827.46 and low was at 24,614.14. China based property business Country Garden Services Holdings surged 12.73 percent. Construction and property services business Longfor Group Holdings gained 9.70 percent. Country Garden Holdings company engaged in sale of properties also moved up more than 7 percent.
China Evergrande group surged 17.62 percent as it reached settlement with mainland bond investors.
Geely Automobile Holdings declined the most - 5.12 percent slide.
Korean Stock Exchange's Kospi Index lost 12.93 points or 0.41 percent to close at 3127.58. The day's trading range was between 3107.98 and 3131.63.
Pharmaceutical company PharmGen Science was the lead gainer with a 30 percent surge, closely followed by marine transportation business Heung-A Shipping company which strengthened 29 percent.
Apparel and uniform manufacturer Hyungji Elite declined more than 25 percent.
Australia's S&P/ASX200 closed trading at 7,370.20 after gaining 73.30 points or 1.00 percent. The index is currently 3.44 percent below its 52-week high of 7632.80.
Media and information services business News Corporation which also trades on the Nasdaq gained 8.42 percent on stock buyback announcement. Whitehaven Coal surged 7.24 percent as coal prices surged to record highs. Corporate Travel Management Ltd. advanced 6.55 percent.
Reliance Worldwide Corporation declined the most with a 2.39 percent slide. Toll road operator Transurban Group shed 1.27 percent as it progressed with its equity raising plans.
Gold miners Ramelius Resources, Northern Star Resources, and St Barbara Ltd. were notably lower as gold prices eased with the Fed's taper announcements.
Meanwhile, the IHS Markit Australia flash PMI releases for September indicated that Manufacturing PMI rose to 57.3 from 52 in the prior month, Services PMI increased to 44.9 from 42.9 in August and Composite PMI climbed to 46 from 43.3 in August.
The NZX50 of the New Zealand Stock Exchange gained 85.70 points or 0.65 percent to close flat at 13,305.92. At closing levels, the index was 2.48 percent below the 52-week high of 13643.78.
Auckland-based unit trust Fonterra Shareholders Fund gained 5.26 percent amidst news of Fonterra Co-operative Group's Australian IPO and plans to limit non-farmer investment in the listed Fonterra Shareholders Fund aimed at protecting farmer ownership and control.
Rubberware company Skellerup Holdings, retirement homes provider Ryman Healthcare as well as dairy and livestock business A2 Milk Company advanced more than 3 percent.
Electric utilities business Genesis Energy shed 2.05 percent.
On Wednesday, Wall Street had jumped after the much anticipated policy announcements by the Fed. Nasdaq-100 rallied 0.99 percent to close at 15,176.51, whereas Dow Jones Industrial Average moved up further by 1.00 percent to end at 34,258.32. FOMC had earlier in the day announced a status quo on rates and a moderation in asset purchases that would be contingent on the progress towards employment and price stability goals.
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