Hong Kong: Hong Kong’s stock exchange cancelled trading for the day as Typhoon Haima lashed the global financial centre, prompting schools to close and airlines to suspend flights.
The Hong Kong Observatory said it expected Storm Signal No 8, its third-highest warning, to remain in force for most of the time during the day. At noon local time, Typhoon Haima was centred about 130 kilometres east-northeast of the city and is forecast to move across the coast of eastern Guangdong before heading inland. It will make landfall about 100 kilometres to the east of Hong Kong shortly and bring “widespread heavy rain” to the financial hub “in a couple of hours,” the weather service said at 11am.
Hong Kong Exchanges & Clearing Ltd said it scrapped trading for the day as signal No 8 remains in force. Authorities shut schools, and most of the city’s ferry and bus services have been suspended. Trains continue to operate with an adjusted schedule, MTR Corp said in a statement.
The Hong Kong Airport Authority said a total of 689 passenger flights have been cancelled or delayed as of 6.30am. Cathay Pacific Airways Ltd and its Dragonair unit said flights from 11am to 10pm would be “significantly disrupted.” The government has received 23 reports of fallen trees and no flooding reports.
Contingency plans
The tropical cyclone earlier killed at least eight people in Philippines, with more than 90,000 evacuated, as the strongest typhoon to hit the country this year.
It’s the second time this year the Hong Kong markets have closed because of weather disruption. Business was halted on August 2, when Typhoon Nida hit the city. Some brokerages have contingency plans to ensure they can trade other Asia Pacific markets from Hong Kong, working from home or staying in hotels close to their offices. Some still headed to the office by trains and taxis on Friday.
“ We are all in the office and business as usual trading all regional market,” said Rafi Mohideen, the Hong Kong-based head of Asian trading at Instinet Pacific Services Ltd, a unit of Nomura Holdings Inc. “ We are a regionalised trading desk, but if it gets worse we have other regional offices that can help.”
