Hong Kong Cancels Morning Trading Because of Typhoon Kompasu




  • In Business
  • 2021-10-13 01:18:55Z
  • By Bloomberg
 

(Bloomberg) -- Hong Kong suspended schools and the city's $6.3 trillion stock market canceled morning trading as strong winds and rain from typhoon Kompasu lashed the financial hub.

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Storm warning signal No. 8, the third-highest on its scale, will remain in force before noon, according to the Hong Kong Observatory. Kompasu, which was about 370 kilometers (230 miles) south-southwest of the city at 7 a.m. local time, is forecast to move west at about 25 kilometers an hour toward China's Hainan Island, it said on its website.

It is likely that securities trading, including the Hong Kong-China stock connect and derivatives market, will be affected for the whole of Wednesday. Under exchange rules, the morning trading session will be canceled if signal 8 or above is still in place after 9 a.m. If the weather warning isn't lowered before noon, the entire day's trading will be abandoned.

Kompasu halted after-hours trading on the Hong Kong stock exchange Tuesday after the financial hub raised the warning signal to No. 8, which means winds could reach at least 63 kilometers per hour, from No. 3 at 5:20 p.m.

Six people were injured during the typhoon period, including one who died later, the government said in a statement on its website.

As Tropical Cyclone Warning Signal No. 8 is in force, various public services have been suspended, including those of the Trade and Industry Department and a job fair by the Labour Department, according to government announcements. All hearings of the courts and tribunals will remain adjourned in the morning as well, the Judiciary said.

Community vaccination centers, vaccination stations at hospitals and some sample collection points for Covid-19 testing will remain closed, the government said.

(Updates in the first paragraph with morning trading being canceled, and in the six paragraph with public service suspensions.)

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