Super Typhoon Saola: Hong Kong halts stock trading on city’s T8 storm warning

Name: The history of deadly Hong Kong typhoons that caused widespread devastation
Uploaded: 2023-08-31T23:08:00.000Z
Duration: 5 min 16 s
Description: The history of deadly Hong Kong typhoons that caused widespread devastation

The Hong Kong Observatory upgraded its storm warning signal to T8 on Friday morning, after issuing the No 3 signal on Thursday

Weather-related market interruption is the second this year after Typhoon Talim lashed the city on July 17

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A glass door is taped in Central as Hong Kong Observatory issued signal 3 typhoon on 31 August, 2023. Photo: Xiaomei Chen.

Zhang Shidongin Shanghai

Published: 7:08am, 1 Sep 2023Updated: 12:24pm, 1 Sep 2023

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Hong Kong’s stock market will close on Friday after the government hoisted the No 8 storm warning signal as Super Typhoon Saola approaches the city, bringing heavy rain and gales to the financial hub.

Trading in stocks and futures will be suspended under the stock exchange’s rules on extreme-weather events, according to the bourse operator Hong Kong Exchanges and Clearing Limited (HKEX). The Hong Kong Observatory upgraded the storm signal on Friday morning, after issuing the No. 3 warning a day earlier. Markets in mainland China will open for business as usual.

“Saola will be closest to Hong Kong tonight and tomorrow morning, skirting within around 50 km south of the Observatory,” it said in an update at 11.45am local time, adding that the T8 signal will remain in force for most of Friday. “The Observatory will assess the need to issue higher tropical cyclone warning signals around this evening.”

This is the second time HKEX has halted trading this year under its guidelines on inclement weather. The local market was forced to close on July 17 when Typhoon Talim lashed the city.

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The history of deadly Hong Kong typhoons that caused widespread devastation

As the T8 signal remains in force past noon, “all trading sessions in the securities and derivatives markets have been cancelled,” HKEX said in a statement.