Hong Kong’s financial markets come to a halt on Typhoon Kompasu warning

Banks, stock market and floor trading on the bullion exchange to remain closed on Wednesday

Hong Kong Observatory upgraded the typhoon warning to Signal 8, the third highest, and said it will remain in force until 4pm

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Tsim Sha Tsui during typhoon signal No 8 as tropical storm Kompasu nears the territory. Photo: Dickson Lee

Published: 9:50am, 13 Oct 2021Updated: 10:56am, 13 Oct 2021

Businesses in Hong Kong ground to a halt on Wednesday because of severe weather, with the Observatory deciding to extend the Signal 8 warning until 4pm.

Trading in stocks and derivatives, the bullion exchange and banks across the city were to remain closed for the entire day.

The morning session of stock and futures trading had earlier been cancelled under the trading rules of bourse operator Hong Kong Exchanges and Clearing.

The Gold and Silver Exchange Society also cancelled floor trading in the morning, but electronic trading continues.

Also, banking services at all branches across the city, numbering over 1,100, were suspended for the entire day due to the inclement weather, the Hong Kong Association of Banks said.

The Observatory upgraded the typhoon warning to 8, the third-highest level, at 5:20pm local time on Tuesday as Kompasu edged closer to the city. This is the second time in four days a Signal 8 has been raised, which means wind speeds of 63 kilometres per hour.