HK Markets Set to Resume as Storm Signal Lowered

18-Sep-2014 Intellasia | Businessweek | 6:00 AM Print This Post

Hong Kong’s stock market and banks were set to resume operations today after Typhoon Kalmaegi missed the city and made landfall further southwest, on China’s Hainan Island.

Hong Kong lowered the No. 8 signal, the third highest on its storm scale, at 10:40 a.m., with the forecast still calling for strong winds, the weather bureau said on its website. The Hong Kong Exchanges and Clearing Ltd said trading will resume at 1 p.m. after the morning session was called off.

More than 560 flights were delayed or canceled, according to the Hong Kong government, while schools in the city remained closed. The storm prompted China to evacuate almost 20,000 people in Lingao county in Hainan, and recall more than 4,300 fishing boats as the storm approached, the official Xinhua News Agency said.

“Coming here took a bit longer than usual but everything seems to be quite o.k.,” said Steven Leung, director for institutional sales at UOB-Kay Hian Holdings Ltd

At 11 a.m., Kalmaegi was estimated to be about 430 kilometers (267 miles) southwest of Hong Kong, and was forecast to move west-northwest, the Hong Kong Observatory said. MTR Corp. (66), the city’s train operator, said it will restore more services as the storm eases.

Seventeen people have sought medical help and there were four reports of flooding, Hong Kong’s government said. The Hong Kong airport expects to handle 768 rescheduled flights from 6 a.m. to midnight, a spokeswoman said.

Banks were to reopen within two hours after the signal was dropped, the Hong Kong Association of Banks said in a statement. CLSA Ltd said its annual forum will go ahead.

The typhoon made landfall on Hainan at 9:40 a.m., Xinhua reported. It’s the 15th typhoon to hit China this year, the agency said. Hainan’s airport canceled 104 flights, it said.

The Hong Kong observatory raised the Signal 8 warning three times last year. The city gets an average of six tropical cyclones annually, according to the weather bureau.


Category: Hong Kong

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