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.

Most Read from Bloomberg

  • How France Turned the Humble Roundabout Into a Showcase for Art

  • What the Front Line of the U.S. Abortion Fight in Kentucky Looks Like Now

  • NYC's Waldorf Gets Plush Renovation, Becomes Icon of China's Overreach

  • Tycoon Behind a Crisis-Era Property Crash Now Sits on a $9 Billion Debt Mountain

  • They Invented the Must-Have Instrument for the Burning Man Set. Now They Want to Kill It Off

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.)

Most Read from Bloomberg Businessweek

  • MLB Is Testing Ways to Fix Baseball's Boredom Problem

  • Anyone Seen Tether's Billions?

  • As Louisianans Flee Hurricanes, Natural Gas Dollars and Jobs Flood In

©2021 Bloomberg L.P.

COMMENTS

More Related News

JPMorgan Says Buy the Dip as Omicron May Signal Pandemic Ending
JPMorgan Says Buy the Dip as Omicron May Signal Pandemic Ending

(Bloomberg) -- The recent market turmoil caused by the emergence of the omicron virus strain may offer investors a chance to position for a trend reversal in...

Erdogan Replaces Finance Minister as Rate Cuts Deepen Rifts
Erdogan Replaces Finance Minister as Rate Cuts Deepen Rifts

(Bloomberg) -- Turkey's President Recep Tayyip Erdogan abruptly replaced his finance minister amid deepening rifts in the administration over aggressive...

Asian shares tick up but Omicron worries leave markets on edge
Asian shares tick up but Omicron worries leave markets on edge

Asian shares edged higher in choppy trading on Thursday, helped by advances in Chinese real estate shares, though fears about the Omicron variant of the new ...

Apple Tells Suppliers iPhone Demand Has Slowed as Holidays Near
Apple Tells Suppliers iPhone Demand Has Slowed as Holidays Near

(Bloomberg) -- Apple Inc., suffering from a global supply crunch, is now confronting a different problem: slowing demand. Most Read from BloombergReliving...

Asia Stocks Dip as Traders Mull Virus, Fed Outlook: Markets Wrap
Asia Stocks Dip as Traders Mull Virus, Fed Outlook: Markets Wrap

(Bloomberg) -- Asian stocks fell Thursday after a sharp reversal in U.S. shares on concerns about risks from the omicron virus strain and as Jerome Powell...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Business