Seoul: South Korean stocks opened sharply higher following reports that the United States and Iran have reached an agreement to extend the current ceasefire. The benchmark Korea Composite Stock Price Index (KOSPI) rose 199.02 points, or 2.43 percent, to 8,384.31 at the opening bell.

According to Yonhap News Agency, the index had fallen 0.53 percent on Thursday after closing over the 8,200-point level two days earlier. Investors have been encouraged by reports that Washington and Tehran agreed to a memorandum of understanding to extend the ceasefire for 60 days, allowing for the resumption of talks on Iran's nuclear program.

On Wall Street, all three major indexes posted record closing highs driven by optimism surrounding the Middle East developments. The Dow Jones Industrial Average increased by 0.05 percent, the S and P 500 gained 0.58 percent, and the Nasdaq Composite added 0.91 percent, further fueling positive sentiment in global markets.