Nikkei 225 index was the best performer in Asia on Thursday, surging almost 2% to a record high of 71,477.0 points, while KOSPI added nearly 1% to a record high of 8,976.55 points

Most Asian stocks rose on Thursday, with Japanese and South Korean shares hitting a record high after reports showed Iran and U.S. had signed a framework deal to end their nearly four-month war.

The preliminary agreement stands to end hostilities in the Middle East, and will also reopen the Strait of Hormuz. The two sides will engage in 60 days of talks for a more comprehensive agreement.

Nikkei 225 index was the best performer in Asia on Thursday, surging almost 2% to a record high of 71,477.0 points. The TOPIX index also climbed 2% to a record high.

KOSPI added nearly 1% to a record high of 8,976.55 points.

Gains were fuelled chiefly by chipmaking and artificial intelligence-linked stocks, as markets bet that sustained growth in AI-driven demand will continue to yield strong growth for the tech sector.

SK Hynix Inc was a standout performer in South Korea, advancing 5% to a record high after it said it had shipped samples of an advanced memory chip to major customers.

In Japan, chip component makers Murata Mfg Co and Aibiden were the top performers on the Nikkei, while tech conglomerate SoftBank Group Corp. advanced 3% after logging deep losses in recent sessions.

Other Asian markets were less upbeat. ASX 200 declined 0.5%, while Straits Times index increased 0.2%.

Futures for Nifty 50 index added 0.6%, as declining oil prices spurred increased optimism over an economic recovery in India.

Shanghai Shenzhen CSI 300 rose 0.1%, while the Shanghai Composite dropped 0.4%. Hang Seng index vastly lagged its peers, slipping 1.8% to its lowest level since July 2025.

Hong Kong shares lagged, dipping to an 11-month low as internet stocks dropped.

Internet and tech heavyweights dropped across the board, with Alibaba Group, Tencent, Baidu Inc, and Xiaomi Corp down between 1% and 3%.

Hong Kong’s top internet stocks were pressured by growing investor preference for more AI and hardware-exposed names in Asia, with chipmakers in Japan, South Korea, and Taiwan seeing much more buying in recent weeks.