Hong Kong stocks jumped the most in six weeks, as a surge in US home sales increased speculation the world's biggest economy can withstand higher interest rates.

The Hang Seng Index rose 2.7 percent at the close. PetroChina Co posted its steepest increase since mid-April as oil approached $50 a barrel. Billionaire Li Ka-shing's Cheung Kong Property Holdings Ltd climbed to a two-week high. The Shanghai Composite Index slipped 0.2 percent, dragged down by airlines.

Hong Kong stocks joined a global rally after US equities climbed amid speculation the US economy can tolerate higher borrowing costs, as odds increase the Federal Reserve will tighten policy this summer. Whether shares can sustain the rebound amid concerns about higher US rates and slowing mainland economic growth will depend on turnover, according to Partners Capital International in Hong Kong.