Hong Kong cancels morning trading, shuts schools on Typhoon Kompasu

A woman watches surfers riding waves brought by Tropical Cyclone Kompasu at Big Wave Bay in Hong Kong on Oct 12, 2021.
A woman watches surfers riding waves brought by Tropical Cyclone Kompasu at Big Wave Bay in Hong Kong on Oct 12, 2021.PHOTO: AFP

HONG KONG (BLOOMBERG) - Hong Kong suspended schools and the city's US$6.3 trillion (S$8.54 trillion) stock market cancelled morning trading as strong winds and rain from typhoon Kompasu slashed the financial hub on Wednesday (Oct 13).

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 370km south-southwest of the city at 7am local time, is forecast to move west at about 25km 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 cancelled if signal 8 or above is still in place after 9am. If the weather warning is not lowered before noon, the entire day's trading will be abandoned.

Kompasu halted after-hours trading on the Hong Kong stock exchange on Tuesday after the financial hub raised the warning signal to No. 8, which means winds could reach at least 63km per hour, from No. 3 at 5.20pm.

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