Asian stocks hit multi-week highs as easing US-Iran tensions lift risk appetite

South Korea's KOSPI .KS11 surged as much as 5%, lifted by gains in chipmakers Samsung Electronics 005930.KS and SK Hynix 000660.KS after an overnight rally in U.S. AI-linked stocks. Taiwan's tech-heavy benchmark .TWII followed suit, jumping 3.4%.

Equities in Kuala Lumpur .KLSE advanced as much as 1% to their highest point since mid-May and were on track for a sixth session of gains.

Bangkok shares .SETI climbed as much as 0.8% before trimming some gains. Thailand's headline inflation rose less than expected in July, weighed by lower oil prices.

The Singapore bourse .STI bucked the regional trend, falling as much as 0.8% to its lowest level in more than a week. The FTSE Straits Times index was on track for a fifth consecutive session of declines, moving further away from its record high of 5,713.19 reached on July 29.