Hong Kong stocks ended higher Friday as investors awaited further details on a proposed agreement to reopen the Strait of Hormuz and extend the ceasefire between the United States and Iran.

The Hang Seng Index rose 0.7%, or 176.23 points, to close at 25,182.39, while the Hang Seng China Enterprises Index gained 0.7%, or 61.41 points, to finish at 8,425.82.

Sources told Reuters that U.S. and Iranian negotiators reached a preliminary agreement Thursday to extend their ceasefire and ease restrictions on shipping through the Strait of Hormuz.

The proposal has yet to receive approval from U.S. President Donald Trump, while Iranian state media said a final agreement has not been reached.

The plan would extend the truce by 60 days and allow commercial traffic to resume through the strategic waterway as both sides continue negotiations, Reuters said, citing four sources familiar with the matter.

In corporate news, Shenzhen Creality 3D Technology (HKG:3388) made its Hong Kong debut, closing over 21% higher at HK$22.80, compared with the offer price of HK$18.80.

Innovent Biologics (HKG:1801) advanced 11% after securing an oncology licensing deal with New York-based pharmaceutical giant Pfizer that could potentially be worth up to $10.5 billion.