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Abu Dhabi, UAEMonday 17 December 2018

Typhoon forces Hong Kong bourse to cancel trading

The city has issued its highest level storm warning in five years

Typhoon Hato forced the cancellation of trading on the Hong Kong Stock Exchange. Tyrone Siu /Reuters
Typhoon Hato forced the cancellation of trading on the Hong Kong Stock Exchange. Tyrone Siu /Reuters

The Hong Kong Stock Exchange cancelled trading on Wednesday after the highest-level storm warning was raised for the first time in five years as Typhoon Hato lashed the financial hub.

Trading sessions in the securities and derivatives markets, including the after-hours futures trading, have been cancelled, Hong Kong Exchanges and Clearing (HKEX) said in a statement on the bourse website.

“No securities clearing and settlement services will be provided for the day,” HKEX said.

Hong Kong had to cancel a full day of trading back in October 2016, when Typhoon Haima forced schools to shut and airlines to cancel flight operations. The highest weather warning in the city was last issued when Typhoon Vicente hit the city in July 2012.

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Read more:

Hong Kong raises highest warning for Typhoon Hato

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Typhoon Hato was closest to Hong Kong about midday, skirting about 60 kilometres to the south of the city, Bloomberg cited the Hong Kong Observatory as saying. It is forecast to move west-northwest at about 25km per hour toward the vicinity of the Pearl River Estuary.

Most businesses remained closed and the transportation system in the city also came to a grinding halt. About 450 flights have been cancelled at Hong Kong International Airport. Cathay Pacific Airways said the majority of flights to and from Hong Kong between 6am and 5pm on Wednesday have been suspended, according to the news agency.