Hong Kong stocks climbed 1.25 percent Friday, ending the week with a flourish after another strong rally on Wall Street, while Shanghai ended at a new four-year high.
The benchmark Hang Seng Index added 284.42 points to 23,116.63 on turnover of HK$95.71 billion (US$12.35 billion).
The index started the week on a downer as tumbling oil prices and Russia's economic woes fanned worries about the global outlook.
However, dealers around the world got a shot in the arm after the Federal Reserve Wednesday indicated interest rates would be hiked no sooner than mid-2015.
On Wall Street the Dow surged 2.43 percent, the S&P 500 shot up 2.40 percent - the first time since 2002 the index has risen more than two percent on successive days - and the Nasdaq gained 2.24 percent.
In Hong Kong Sun Hung Kai Properties was up 1.43 percent at HK$113.3 when suspended just before a jury found co-chairman Thomas Kwok guilty of corruption in the city. His brother and co-chairman Raymond was found not guilty.
While one brother possibly being jailed will hurt the firm, imprisonment for both could have hammered it as some funds would be forced to sell holdings, Bank of Communications' property analyst Alfred Lau told Dow Jones Newswires.
China-based car maker BYD surged 14.17 percent to HK$28.60, clawing back some of the 30 percent losses seen Thursday that came amid speculation over its business outlook.
The gains came after the firm denied several rumours, including that US investment icon Warren Buffett was about to sell part of his stake in it and that it had made big losses in its Russia business.
Energy firm CNOOC added 0.20 percent to HK$10.12, Tencent jumped 3.40 percent to HK$115.70 and HSBC rose 1.73 percent to HK$73.40.
In mainland China the benchmark Shanghai Composite Index jumped 1.67 percent, or 51.08 points, to 3,108.60 - its highest since November 2010 - on turnover of 515.6 billion yuan ($84.2 billion). The index rose 5.80 percent over the week.
But the Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 1.26 percent, or 18.67 points, to 1,465.59 on turnover of 269.7 billion yuan. It slipped 0.96 percent for the week.
China shares have surged in recent weeks with investors not wanting to miss a rally as speculation mounts that Beijing will introduce measures to boost the economy.
“Investors went on rotational chasing of low-valuation blue-chip stocks on expectations that the market will continue to rise,” Shenyin & Wanguo Securities analyst Qian Qimin told AFP.
“The oil price drop also gave a boost to heavyweight shares like transportation firms.”
In Shanghai COSCO Shipping soared by its 10 percent limit to 8.00 yuan while China Shipping Development also shot up 10 percent to 10.35 yuan.
Construction companies extended further gains on hopes of more infrastructure projects. On the Shanghai market, China Railway Construction surged by its 10 percent limit to 13.04 yuan while China Railway Erju Co. also jumped 10 percent to 14.49 yuan. - AFP