Manila - Philippine stocks surged 4.73 per cent on Thursday following gains in regional markets and the US Federal Reserve's interest rate cut, traders said.

The 30-share composite index added 84.29 points to close up for the second straight session at 1,864.93, from Wednesday's finish of 1,780.64.

A total of 1.885 billion shares worth 2.517 billion pesos (51.367 million dollars) were traded.

Gainers swamped losers 88 to 21, while 27 issues were unchanged.

Hong Kong - Hong Kong stocks surged by 10 per cent in morning trading Thursday on the back of the US Federal Reserve's interest rate cuts.

The blue-chip Hang Seng index gained 1,283 points closing at 13,986 points at lunchtime as investors took comfort in the Feds move Wednesday to ease the credit crisis by reducing the interest rate by 0.5 per to 1 per cent.

Earlier Thursday, the Hong Kong Monetary Authority announced it was following the move, cutting its base interest rates by 50 points to 1.5 per cent. Hong Kong's currency is pegged to the US dollar.

Taipei - Taiwan stocks surged more than 6 per cent by mid-session Thursday after the central bank cut interest rates and on positive signs in Taiwan-China ties.

The benchmark TAIEX rose 266.31 points, or 6.04 per cent, to 4,672.83 in mid-morning trading after the central bank cut interest rates by
0.25 per cent, and due to positive signs in Taiwan-China ties.

Tokyo - The Tokyo stock market opened more than 3 per cent higher Thursday after the US Federal Reserve cut its key interest rate to spur the economy.

The Nikkei 225 Stock Average gained 318.87 points, or 3.88 per cent, to 8,530.77.

The broader Topix index of all first-section issues was up 25.51 points, or 3.07 per cent, to 855.83.

Japan's central bank withdrew 1.5 trillion yen (15.41 billion dollars) from the money market Thursday after the key short-term interest rate fell below the official target.

Tokyo (dpa) - The Tokyo stock market opened higher Thursday after the US Federal Reserve cut its key interest rate to spur the economy.