Investing.com– Hong Kong Exchanges and Clearing (HKEX) announced a delay in its morning trading session on Monday citing adverse weather conditions, as the city hunkered down in the face of its first major typhoon, or tropical cyclone this year.
HKEX said that the morning trading in its securities and derivatives markets will be delayed after the Hong Kong observatory issued a No. 8 warning signal early on Monday, as typhoon Talim came within 300 kilometers of the city.
8 is the third-highest warning level for bad weather conditions in the city, and is also expected to see other public services, including bus and rail, slow down operations for the day.
The No. 8 warning is in effect until 1200 HKT (0400 GMT). HKEX said trading could resume in the afternoon session if the warning is lifted.
But all trading sessions for the day could also be canceled if the warning is kept in place, HKEX said in a statement issued on its website.
Talim is Hong Kong’s first major typhoon of the year, and is expected to batter the city with heavy rains and high wind speeds, the Hong Kong Observatory said in a statement. Parts of the city were already hit by wind speeds of over 90 kilometers per hour on Sunday, which had knocked over trees and damaged buildings.
“According to the present forecast track, Talim will skirt within 300 kilometers to the south-southwest of Hong Kong this morning,” the Hong Kong Observatory said in a statement.
The observatory also warned of some flooding in low-lying areas on Monday, and that the typhoon is set to make landfall later on Monday. Parts of China are also expected to be impacted by the storm.