The Hang Seng Index closed up 72.41 points at 16,955.45.
Shanghai share prices closed flat with investors cautious ahead of a compensation plan to be issued by Sinopec covering the restructuring of its state share holdings on Monday.
However, dealers said selected property developers were continuing to attract investor interest with a series of policies holding back growth in the sector believed to be coming to an end.
The Shanghai A-share Index fell 0.02 points to 1,706.20 and the Shenzhen A-share Index was up 1.54 points or 0.37 percent at 420.88. The benchmark Shanghai Composite Index, which covers A and B-shares, closed up 0.02 points at 1,623.03.
Sydney share prices closed up 0.72 percent amid speculation a formal takeover bid for Coles Myer was imminent and with bargain hunters moving in after Thursday's sharp fall.
The SP/ASX 200 rose 35.8 points to 5,023.6.
CMC Markets' senior dealer James Foulsham said the market bounced back after Thursday's sell-off as investors looked for bargains.
Foulsham said Coles Myer drove the market upward, with speculation that a private equity consortium believed to be led by US buyout firm Kohlberg Kravis Roberts could make a formal takeover offer as early as Monday.
Singapore share prices closed 0.29 percent higher on Friday. The Straits Times Index added 7.1 points to 2,453.21.
In Kuala Lumpur share prices closed slightly higher in thin trade, with sentiment still fragile ahead of the central bank's interest rate decision due out later in the evening. An hour after the market had closed, Bank Negara Malaysia announced its overnight policy rates would remain unchanged at 3.5 percent.
The composite index closed up 2.39 points at 950.52.
Bangkok share prices closed 0.44 percent lower amid growing political confusion after police foiled what they said was an attempt to assassinate Thai Prime Minister Thaksin Shinawatra.
The composite index fell 3.04 points to 689.13.
Jakarta share prices closed 0.88 percent lower on extended profit-taking led by index heavyweight Astra International.
The composite index dropped 12.554 points to 1,416.930.
Manila share prices closed 1.71 percent lower as further losses in Philippine Long Distance Telephone dragged the main index down below the 2,300-point support level.
The composite index finished 39.56 points down at 2,274.53.
Wellington share prices closed 0.45 percent higher, with market leader Telecom leading the way.
The NZX-50 gross index rose 15.55 points to 3,484.42.
Mumbai share prices rose 0.35 percent in choppy trade as investors bought index and small-cap stocks, led by broadly positive Asian market trends.
The 30-share benchmark SENSEX index rose 40.25 points to 11,572.20.
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