Hong Kong delays stock trading as Typhoon Haima approaches

[HONG KONG] Hong Kong's schools shut and airlines warned of flight disruptions Friday as Typhoon Haima approached the financial centre. Market trading has been delayed.

The Hong Kong Observatory issued No 8 gale or storm signal at 6:10am local time and said the third-highest warning is expected to remain in force most of the time during the day. Typhoon Haima will bring squalls and heavy rain to the city, the weather service said. It will be closest to the financial centre around noon, skirting about 100 kilometres (62 miles) to the east of Hong Kong.

Hong Kong Exchanges & Clearing Ltd said the morning trading in the securities market, including the Shanghai-Hong Kong Stock Connect, and derivatives market has been delayed due to the storm. The morning session will be cancelled if the warning is still in effect at 9am and trading will be closed for the day if the storm signal isn't lifted by noon.

Authorities shut schools on Friday, and most of the city's ferry and bus services have been suspended. Trains continue to operate with an adjusted schedule, MTR Corp said in a statement.

The tropical cyclone killed at least eight people, with more than 90,000 evacuated earlier as the strongest typhoon to hit the Philippines this year. Cathay Pacific Airways Ltd and its Dragonair unit said flights leaving and arriving Hong Kong from 11am to 10pm Friday would be "significantly disrupted".

The airlines appealed to passengers to postpone or cancel non-essential travel.

BLOOMBERG