The benchmark Hang Seng Index soared 601.74 points, or 2.83 percent, to open at 21,825.24 and climbed as much as 669.03 points, or 3.15 percent, to the day's highest 21,892.53.
The market's momentum slowed down in the afternoon as some investors chose to take profits from the big rally, trimming the gains to the day's lowest 21,672.27 before jumping 511.22 points, or 2.41 percent, to close at 21,734.72.
Turnover rose to 63.46 billion HK dollars (8.13 billion U.S. dollars) from Wednesday's 59.81 billion HK dollars (7.67 billion U.S. dollars).
Among the 43 components of the benchmark Hang Seng Index, gainers outnumber declining shares 35 to 7, with Cosco Pacific unchanged at 12.42 HK dollars.
Blue-chip heavyweight HSBC, which accounts for the largest weighting of the Hang Seng Index, rallied 3.72 percent to 117 HK dollars, lifting the index by 117.07 points alone.
Heavily traded China Mobile, China's largest mobile phone operator and the market's largest stock measured by capitalization, advance 2.53 percent to 105.2 HK dollars, boosting the index by 67.2 points.
Energy companies were mixed as global oil prices dropped to about 134 U.S. dollars a barrel from the record high 147 U.S. dollars. PetroChina, the country's largest oil producer, gained 3.21 percent to 9.78 HK dollars. Sinopec, Asia's largest refiner, jumped 4.47 percent to 7.48 HK dollars. China's largest offshore oil producer CNOOC dipped 0.49 percent to 12.22 HK dollars.
Aviation sectors were higher due to weakening oil prices. Hong Kong-based airway Cathay Pacific surged 4.56 percent to 14.68 HK dollars. Air China jumped 5.82 percent to 4.18 HK dollars. China Eastern Air gained 3.13 percent to 2.31 HK dollars. China South Air rallied 4.18 percent to 3.24 HK dollars.
Hong Kong's property companies were higher. Sun Hung Kai Properties, the largest house developer in Hong Kong, rebounded 1.48 percent to 109.9 HK dollars. Cheung Kong, one of the biggest housing companies controlled by tycoon Li Ka-shing, added 1.75 percent to 104.9 HK dollars. Henderson Land rose 1.57 percent to 45.2 HK dollars. New World Development added 1 percent to 14.18 HK dollars. Sino Land rose 1.83 percent to 14.46 HK dollars. Hang Lung moved up 4.54 percent to 24.2 HK dollars.
Hong Kong Exchanges and Clearing Limited, the sole market operator, bounced 4.25 percent to 108 HK dollars.
China Enterprise Index, or H-shares, which was composed of 43 companies registered in the Chinese mainland, moved up 339.78 points, or 2.9 percent, to close above 12,000 mark at 12,056.56.
Chinese banks and insurers listed in Hong Kong all rose. Heavily traded ICBC, China's largest lender, gained 2.63 percent to 5.47 HK dollars. China Life, the country's largest insurance company, surged 4.08 percent to 28.05 HK dollars. Bank of China, the country's second largest bank, went up 0.91 percent to 3.34 HK dollars. Ping An, China's second largest insurance company, rebounded 3.11 percent to 49.8 HK dollars. China Construction Bank, the third largest bank in China, rose 3.21 percent to 6.44 HK dollars. China Merchants Bank moved up 2.34 percent to 26.2 HK dollars. Bank of Communications added 2.19 percent to 9.35 HK dollars. (7.8 HK dollars = 1 U.S. dollar)
