Hong Kong stocks surged 328.1 points, or 1.64 percent, to close at 20,378.66 points on Friday,
The benchmark Hang Seng Index opened 0.46 percent higher and the gain expanded to 1.45 percent by midday. The index peaked at 20,418.31 in the afternoon, tracking strong performances in mainland bourses.
The rally, following Thursday's upward move, lifted the benchmark index to its biggest weekly gain in three months.
Turnover added almost 30 percent from the previous session, totaled 59.20 billion HK dollars (about 7.6 billion U.S. dollars).
For heavyweights, HSBC gained 1.03 percent to 73.75 HK dollars and China Mobile went up 1.02 percent to 78.95 HK dollars.
Li Fung, the largest supplier to retailers including Wal-Mart, jumped 7.4 percent after announcing acquisitions, registering the highest increase in share price among all constituent stocks.
Garment-maker Esprit, benefiting from a strong euro, surged 4.7 percent to 44.2 HK dollars and became the second biggest gainer among blue-chips.
Mainland-based property shares rose across the board. China Res Land advanced 4.4 percent to 15.52 HK dollars, and China Overseas rose 3.08 percent to 15.4 HK dollars.
Hong Kong's local developers were also higher, with Cheung Kong up 2.26 percent to 92.95 HK dollars and SHK up 2.43 percent to 109. 7 HK dollars.
The newly-listed Guotai Junan International rebounded 5.8 percent to 4.38 HK dollars, retrieving the loss of the previous session when the stock went below its offering price on its first trading day.
The three major oil shares also went up as crude prices go higher on low inventories.
The offshore explorer CNOOC rose 1.24 percent to 13.02 HK dollars. PetroChina gained 2.34 percent to 8.76 HK dollars and Sinopec climbed 1.13 percent to 6.24 HK dollars. (7.78 HK dollars equal 1 U.S. dollar)