Hong Kong Exchange and Clearing (HKEX), the entity overseeing the city’s stock exchange, announced on Friday that its morning trading session would be delayed in response to the issuance of a Typhoon Saola warning by the Hong Kong Observatory.
According to HKEX’s statement on its website, morning trading activities in its securities and derivatives markets would be postponed due to the Typhoon Saola warning, which has been classified as a No. 8 signal by the Hong Kong Observatory. The No. 8 signal represents the third-highest level of warning for adverse weather conditions. HKEX further stated that trading would remain suspended as long as the No. 8 warning signal remained in effect.
The issuance of the No. 8 warning has effectively brought most activities in the city to a standstill, resulting in the closure of schools, offices, and various public infrastructure. The Hong Kong Observatory has predicted that the No. 8 warning would likely persist throughout the day, with expectations of “heavy squally showers and violent winds” and potential flooding due to storm surge.
Although Typhoon Saola is projected to pass within approximately 300 kilometers of Hong Kong as it approaches Guangdong, it is anticipated to be one of the five most powerful typhoons to impact the Chinese region since 1949, with wind speeds exceeding 200 kilometers per hour.
Chinese authorities have issued their highest-level typhoon warning earlier this week, with the typhoon expected to make landfall later on Friday. Other areas of China are also anticipated to experience heavy rainfall and strong gale-force winds.
Additionally, a second typhoon, Tropical Cyclone Haikui, is foreseen to traverse the waters east of Taiwan and is expected to make landfall along China’s eastern coast in the coming days.
