The first typhoon signal No 8 in two years shut down the city yesterday, stranding thousands of passengers and giving investors a respite from the volatile stock market.
The storm signal was issued early in the morning and was only downgraded to No 3 12 hours later at 4.10pm after Typhoon Nesat reached Hainan and the mainland. The No 1 signal was issued just after midnight.
Forty-one flights were cancelled, 489 flights were delayed and another 40 were diverted. Hong Kong-Macau ferry services and bus services were suspended until the evening.
Schools closed and businesses delayed opening as the storm passed, hitting the city with wind gusts up to 120km/h, toppling trees and scaffolding. The stock market, which has been as tumultuous lately as the seas were yesterday, was closed.
With the Hang Seng Index having plunged nearly 20 per cent so far this year, investors have been increasingly bearish on the outlook as risks of a global recession remain high. Mark To, head of research for Wing Fung Financial Group, said the typhoon could be 'a blessing in disguise' for the stock market.
'The US markets took a dive [on Wednesday] and it might have been the same for Hong Kong yesterday,' he said. 'But if you have a short position [in the contracts] then you're not going to be too happy.'