Asian stocks sink on start of the new week, Fed decision creates uncertainty

The Federal Reserve's (Fed) decision came amid several weeks of market turmoil as fears over the strength of China's economy and markets grew. On Thursday the Federal Open Market Committee (FOMC) decided to keep monetary policy unchanged, contrary to many bets that the policy-setting committee would make the first US interest rate hike in almost a decade.

Japanese markets were spared losses, with three-consecutive bank holidays taking place from Monday through Wednesday.

Hong Kong's benchmark Hang Seng index shed 1.39% to trade at 21,638.22 points shortly after the opening bell, while mainland China's benchmark Shanghai Composite fell 0.64% to 3,077.97 points.

Korea's benchmark Kospi index tumbled 1.34% to 1,969.12 points this morning in Seoul, with Samsung Electronics trading 2.4% lower.

The benchmark Australian S&P/ASX 200 index plunged 2.44% to 5,044.40 points in Sydney, with almost all 200 stocks on the index trading lower for the day.

New Zealand's benchmark S&P/NZX 50 index fell 0.46% to 5,685.97 points this afternoon in Wellington.