Hong Kong stocks eked out a gain for a second day as investor optimism that Hillary Clinton will clinch the US presidential election offset a larger-than-expected drop in Chinese exports.

The Hang Seng Index closed 0.5 percent higher. Galaxy Entertainment Group Ltd and Sands China Ltd were among the top gainers, while Hong Kong Exchanges & Clearing Ltd posted the biggest two-day increase in a month amid optimism the start of a stock link with Shenzhen is imminent. China's exports fell 7.3 percent in October, compared with the median estimate for a 6 percent decline. The Shanghai Composite Index rose 0.5 percent to a 10-month high.

Hong Kong's equities have taken their lead from the US election this week, with the local currency's peg to the greenback ensuring that the city's monetary policy is tied to that of the US Federal Reserve. Property developers plunged on Monday as the government unveiled moves to limit home price gains. A Bloomberg Politics national poll puts Clinton ahead of Donald Trump by three percentage points as Americans prepared to cast their votes on Tuesday.