Hong Kong to cancel afternoon trading as storm signal 8 in force

Hong Kong’s stock exchange will halt afternoon trading at the local $4 trillion stock market after the city raised its storm warning for tropical storm Nalgae. A high-profile finance summit won’t be disrupted.

The local observatory has raised the No. 8 signal — its third-highest warning on a scale of five. Members of the public and government employees have been advised to head home, it said in a statement.

Exchange rules require the financial hub to scrap trading of stocks, bonds and derivatives 15 minutes after No. 8 is hoisted. Schools have already been suspended for the day, while public transport will also be limited.

The storm comes as Hong Kong hosts a banking summit to revive the city’s status as an international finance hub, after a talent exodus due to years of pandemic isolation and political tensions. The conference will proceed as planned, according to organizer Hong Kong Monetary Authority. The summit is scheduled to finish around 2:20 p.m.

Nalgae, which means “wings” in Korean, is expected to come within 150 kilometers (93 miles) to the south of the city, with local winds set to strengthen further, the observatory said earlier.

Hong Kong is typically hit by about six typhoons annually, usually from June to October, but only a fraction of those result in market or school closures. The last time was in late August, when tropical storm Ma-on hit the city. – BLOOMBERG