UpdateHong Kong stocks ease back for a fourth straight session ahead of Donald Trump’s first address to Congress

Hong Kong stocks retreated on Tuesday, the last trading day of February, as investors turned cautious ahead of US President Donald Trump’s address to Congress later in the US day.

The city’s benchmark index extended its decline for a fourth trading day in a row, reversing from its highest close of the year at 24,202 last Wednesday.

The Hang Seng Index dropped 0.8 per cent or 184.3 points to 23740.73, while the Hang Seng China Enterprises Index eased 0.3 per cent to 10,297.96.

The turnover continued to shrink, easing to HK$73.1 billion, reflecting the fifth consecutive trading day of declines, or about 34 per cent below this year’s high of HK$ 110 billion on February 15.

Macau casinos shrugged off the weak sentiment, driven by improved earnings. Galaxy Entertainment added 0.3 per cent to HK$37.2 after it posted a 51 per cent rise in 2016 net profit. Sands China was the biggest gainer among the Hang Seng components, rising 1.1 per cent to HK$32.4. SJM Holdings added 0.2 per cent to close at HK$6.4.

CLP Holdings, the larger of Hong Kong’s two electricity suppliers, gained 1 per cent to HK$79 after it reported stable growth in operating profit on Monday.