Hong Kong's benchmark index closed 1.25 percent higher on Friday with the main index sweeping past the 22,500 level to hit its fourth-straight record high.

The Hang Seng Index rose 278.75 points, or 1.25 percent, to 22,531.74 after trading between 22,081.35 and 22,565.43 during the session.

Turnover was the six-highest event, ending at 88.09 billion Hong Kong dollars (11.28 billion U.S. dollars), up from 85.13 billion Hong Kong dollars (10.90 billion U.S. dollars) on Thursday.

Blue chips such as Cheung Kong (Holdings) Ltd. posted strong gains following target price upgrades and the index was also supported by rotational interest in property stocks.

After a low start in the morning, the market turned a sharp corner as global lender HSBC Holdings regained ground by lunch.

The trend continued in the afternoon, pushing the China Enterprises Index of Hong Kong-listed mainland companies to a new peak of 12,779.39 and end at 12,681.44, its highest closing level, up 5.7 percent for the week.

Cheung Kong rose ended up 7.1 percent at 110.20 Hong Kong dollars. Hutchison rose 6.3 percent to 83 Hong Kong dollars while HSBC, the day's most active stock, increased nearly one percent to144.50 Hong Kong dollars.

Industrial and Commercial Bank of China surged 1.8 percent to 4.61 Hong Kong dollars and China Construction Bank hit its third consecutive high, ending at 5.85 Hong Kong dollars.