Stocks in Asia were mostly higher on Thursday on the back of an apparent improvement in market risk sentiment after British Prime Minister Theresa May managed to persuade her cabinet to back her draft Brexit agreement. European Union leaders will meet on Nov. 25 to endorse the divorce deal.
"I think the financial performance of Tencent has surprised the market a little bit. In (particular), its mobile gaming business is actually doing better than what we have expected as well," Ronald Wan, non-executive chairman at Partners Financial Holdings, told CNBC's "Street Signs" on Thursday.
Wan did, however, voice caution over the outlook for the Chinese tech giant. He said much of the gains achieved in the third quarter were "one-off capital market transaction(s)" and also attributed the gaming business' strong performance to the launch of many mini-games.
"I think in (the) fourth quarter and even till next year, the company is still subject to a lot of uncertainty," he added. "I think the price, you know, increment today may not be sustainable so I think investors should be cautious about that."
The mainland China markets, which have been closely watched as a result of Beijing's ongoing trade spat with Washington, saw gains. The Shanghai composite advanced 1.36 percent to close at about 2,668.17 and the Shenzhen composite gained 1.454 percent to finish the trading day at around 1,398.40.
The positive sentiment in Chinese stocks came on the back of three U.S. government sources telling Reuters that Beijing had conveyed a written response to Washington's demands for trade reforms.
Most other Asian markets saw gains too. In Australia, the benchmark ASX 200 closed fractionally higher at 5,736.0 as most sectors saw gains.
The heavily weighted financial subindex, however, slipped slightly as Australia's so-called Big Four banks fell. Shares of Commonwealth Bank of Australia shed 0.51 percent, Westpac fell 0.43 percent and National Australia Bank declined by 0.21 percent. Australia and New Zealand Banking Group's stock was largely flat.
In Japan, however, shares appeared to buck the overall positive trend of the day. The Nikkei 225 slipped 0.2 percent to close at 21,803.62 while the Topix index saw losses of 0.14 percent to finish the trading day at 1,638.97, as shares of conglomerate SoftBank fell 2.7 percent.
Meanwhile, South Korea's Kospi gained 0.97 percent to close at 2,088.06.