Some regional stock markets surged on Friday and oil futures eyed the steepest weekly drop for nearly two months as traders waited for details on a potential deal to reopen the Strait of Hormuz and extend the US-Iran ceasefire.

In Hong Kong, the benchmark Hang Seng Index opened up 155 points, or 0.62 percent, at 25,161.

The China Enterprises Index was up 41 points, or 0.5 percent, at 8,406 while the tech index was up 51 points, or 1.05 percent, at 4,939.

On the mainland, the benchmark Shanghai Composite Index opened up almost 12 points, or 0.29 percent, at 4,110. The Shenzhen Component Index was 95 points, or 0.6 percent, higher at 15,957, while the ChiNext was 17 points, or 0.41 percent, at 4,141.

In Tokyo, the Nikkei opened up 440 points, or 0.68 percent, at 65,133 before surging 1,220 points, or 1.89 percent, to 65,913 at one point before midday.

In Seoul, the Kospi was 171 points, or 2.1 percent, higher at 8,357 at one point before noon, slightly down after opening up 199 points, or 2.43 percent, at 8,384.

"The market's already taking the view that a deal's going to be done and the strait is going to be open," said Jason Wong, senior market strategist at BNZ in Wellington.

"The main point is it removes a tail risk of a really, really bad outcome. I don't think it's a green light to take oil down US$20, or Treasuries down 20 points." (Reuters & Xinhua)



Edited by Raymond Yeung