The Hong Kong Exchanges and Clearing Limited (HKEX) cancelled all trading sessions on Friday in the securities and derivatives markets, including the after-hours trading session, as the city braces for Super Typhoon Saola, which may be the strongest storm to hit the city in at least five years. Typhoon Saola has the potential to be the most powerful typhoon to hit Hong Kong since Mangkhut battered the city in 2018. 

HKEX, which operates the city’s stock exchange, earlier on the day said in a statement that trading in its securities and derivatives markets, including Stock Connect Northbound trading and derivatives market, would be delayed unless there are any further warnings of Typhoon Signal No. 8 or above or any announcement of extreme conditions. 

Later, at 04:45 pm HKT or 2:15 pm IST, the Hong Kong Observatory issued an updated warning saying that the No. 8 storm is in force with wind speeds expected to be 63 kilometres per hour or more. The observatory said that the city is expected to see “heavy squally showers and violent winds,” as well as potential flooding due to the storm surge. 

The $5 trillion stock market, school and most public transport in the city will remain closed as a caution. Hong Kong is typically affected by about six typhoons annually, but very few are as strong as to cause market and school closures. The last time was in July because of typhoon Talim.