Indonesia's central bank delivered its first rate cut in more than three years on Wednesday, just hours ahead of the widely expected start of the U.S. Federal Reserve's easing cycle in efforts to bolster growth in Southeast Asia's largest economy.

Rate-sensitive growth stocks that have led much of this year’s rally rose.

The Hong Kong Monetary Authority (HKMA) on Thursday cut its base rate charged via the overnight discount window by 50 basis points to 5.25 percent, tracking a move by the US Federal Reserve. Hong Kong's monetary policy moves in lockstep with the United States as the city's currency is pegged to the greenback in a tight range of 7.

Indonesia's central bank surprised markets by delivering its first rate cut in more than three years on Wednesday, moving to bolster growth in Southeast Asia's largest economy ahead of the start of an expected easing cycle in the United States.