Property Shares Drive Gains Amid Key Meetings and Election Hype

Mainland China and Hong Kong markets opened higher on Friday, driven by property shares, ahead of a significant Beijing meeting and the U.S. presidential election. China's major indexes and the Hang Seng Index showed modest gains. The surge in property shares is linked to optimistic housing data and recent economic support measures.

Mainland China and Hong Kong markets saw a promising start on Friday as property shares fueled early gains amid investor anticipation of an important Beijing meeting and next week's U.S. presidential election. Both China's blue-chip CSI300 Index and the Shanghai Composite Index nudged up by roughly 0.1%, while Hong Kong's Hang Seng Index rose by 0.6%.

The property sector emerged as the leader, with a sub-index tracking its performance climbing approximately 2%. This upswing coincides with a private survey revealing faster-paced new home price increases in China for October, suggesting the possible impact of recent government interventions aimed at rejuvenating the beleaguered market.

In a separate development, China's central bank announced on Thursday its infusion of 500 billion yuan into the banking system through outright reverse repos during October. This move aims to maintain ample cash flow as the end of the year approaches.

(With inputs from agencies.)