Taipei - Taiwan's central bank cut interest rates Thursday to stabilize the stock market.

The central bank cut the 10-day loan rate to 3.25 per cent from 3.5 per cent, joining major European and Asian central banks which cut interest rates Wednesday or Thursday.

But the central bank's move failed to spur a market rally as Taiwan stocks have lost 9.3 per cent in the last three trading days.

When trading closed Thursday afternoon, the TAIEX index fell 75.6 points, or 1.45 per cent, to close at 5,130.71. (dpa)