06:46 AM EDT, 03/21/2024 (MT Newswires) -- Asian stock markets rallied Thursday on Wall Street cues, and after the US Federal Reserve on Wednesday confirmed that it still projects three rate cuts in 2024, given declining rates of inflation.

Hong Kong and Tokyo finished in the green, although Shanghai edged lower. Other regional exchanges finished solidly higher.

In Japan, the Nikkei 225 opened higher after a Wednesday hiatus and rallied to the close, finishing up 2% on the outlook for moderation from the US central bank.

The benchmark Nikkei 225 rose 812.06 to 40,815.66, striking a fresh all-time record high, as gaining issues outnumbered losers 187 to 37.

Leading the upside was Concordia Financial, up 6.8%, while beverage house Sapporo declined 3.8%.

In economic news, the flash Japan composite purchasing managers index, a combination of the nation's manufacturing and service sectors, rose to 52.3 in March from 50.6 in February, with readings above 50 pointing to expansion, reported S&P Global. Services were strong, but the manufacturing sector was in still contraction mode, added S&P Global.

In Hong Kong, the Hang Seng Index opened higher and held ground, finishing up 1.9%. Property issues rallied on prospects for lower interest rates.

The broad gauge Hang Seng rose 320.03 to 16,863.10, as gaining issues outnumbered losers 74 to eight. The Hang Seng TECH Index gained 0.9% on the day, while the Mainland Properties Index rose 3.3%.

Leading the upside was aluminum producer China Hongqiao, gaining 5.8%, while smartphone components maker Sunny Optical Technology brought up the rear, falling 13.2%.

On the mainland, the Shanghai Composite fell 0.1% to 3,077.11.

On the other regional exchanges, the S. Korean KOSPI rose 2.4%; the Taiwan TWSE inclined 2.1%; the Australian ASX 200 inclined 1.1%; the Singapore Straits Times Index rose 1.4%, and the Thai Set inclined 1.1%. In late trading in Mumbai, the Sensex was up 0.8%.

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