Asian stocks mostly gained while oil prices rose on Thursday as investors were closely watching prospects of a ceasefire extension in the Iran war and more talks between the United States and Iran.

The benchmark Hang Seng Index ended up 446 points, or 1.72 percent, at 26,394.

The China enterprises index was up 186 points, or 2.14 percent, at 8,905 while the tech index was 180 points, or 3.67 percent, higher at 5,092.

Up north, the benchmark Shanghai Composite Index was up 28 points, or 0.7 percent, at 4,055.

The Shenzhen Component Index was points, or 2.05 percent, higher at 14,796 while the ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, was 111 points, or 3.17 percent, up at 3,626.

Turnover for the two main indexes in Shanghai and Shenzhen came in at 2.34 trillion yuan, down from 2.42 trillion yuan on Wednesday.

Stocks related to lithium batteries and game media led gains while those related to medicine, aquaculture, oil and gas suffered losses.

In Tokyo, the benchmark Nikkei 225 Index rose 1,384 points, or 2.38 percent, to close at a record high 59,518, eclipsing the previous record achieved on February 26, days before US-Israeli attacks on Iran started. The broader Topix climbed 44 points, or 1.17 percent, to 3,814.

In Seoul, the benchmark Kospi closed up 134 points, or 2.21 percent, at 6,226, its highest close since February 27.

While economists say China has largely shrugged off the initial impacts of the Iran war, some are warning its massive export engine could be hit more significantly in the coming months on slower global economic growth.

On Wednesday, regional officials said that the US and Iran had an “in-principle agreement” to extend a two-week ceasefire deal that is expiring next week and were making progress toward another round of talks.

But US Treasury Secretary Scott Bessent also warned that Washington was preparing to apply secondary sanctions on those doing business with Iran, including potentially those from China that’s buying Iranian oil – in order to step up economic pressure on the country. (AP & Xinhua)



Edited by Thomas McAlinden