Taiwan stock index rises 6.3 percent

TAIPEI — Taiwan shares surged on Thursday, boosted by a regional rally and the nation's central bank cutting its key interest rate for the third time in less than two months.

The weighted price index of the Taiwan Stock Exchange rose 277.12 points, or 6.3 percent, to close at 4683.64 points.

Before the market opened, Taiwan's central bank announced a quarter percentage point cut in the interest rate to 3 percent.

The rate cut, along with surges in regional bourses following the US Federal Reserve slashing the Federal Funds rate, sparked buying across the board.

Airlines and hotel shares rose in anticipation of increased travel between Taiwan and China following next week's negotiations on closer economic ties.

Officials have said the two sides are expected to reach agreements on the introduction of direct shipping links and an expansion of regular passenger flights launched in July.

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