Hong Kong scraps morning trading because of storm warning

HONG KONG delayed the open of its US$5.1 trillion stock market and suspended classes on Thursday (Aug 25) because of tropical storm Ma-on.

Hong Kong Exchanges & Clearing scrapped trading of stocks and derivatives during the morning session because of the severe weather warning that was in place, it said in a statement. The afternoon session will begin on time at 1.00 pm in accordance to its rules, it said.

The Hong Kong Observatory lowered its storm warning to signal No 3 from No 8 at 9.20 am. It will consider cancelling all warnings depending on how much winds subside, the weather service said.

Ma-on, which was about 280 kilometres west-southwest of the city at 9.00 am, is forecast to move west-northwest at about 28 km an hour in the general direction of the coast of western Guangdong, the observatory said.

The delay affects the trading debut of China Tourism Group Duty Free, this year’s biggest listing in the Asian financial hub.

Wednesday’s after-hours trading session was terminated at 7.40 pm following a higher storm warning, the exchange said last night.

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Meanwhile, the government suspended schools, Covid-19 vaccination centres and some public services such as immigration. Train operator MTR said rail services will operate at limited frequencies. As of 1.30 am, one person was injured.

The last time Hong Kong cancelled trading and closed schools because of a storm was in October when typhoon Kompasu hit the city and killed one person. BLOOMBERG