Hong Kong Stock Exchange delays trading in face of extreme rain, flooding

investing.com:

Investing.com-- Hong Kong Exchange and Clearing Ltd (HK:0388), the operator of the city’s stock exchange, said on Friday that morning trade in the securities and derivatives market was delayed after the city issued a “Black Rainstorm” warning in the face of torrential rainfall and severe flooding.  

Trading will be suspended as long as the warning remains in effect, and could potentially be suspended for the remainder of the day, HKEX said in a statement on its website. Trading will resume in the first half hour of at least two hours after the cancellation of the warning. 

Hong Kong was hit with its heaviest rainfall since 1884, which in turn caused severe flooding in large swathes of the city. The Hong Kong government suspended schools and most public services.

The “Black” level warning was issued by the Hong Kong observatory on Thursday night, and is the highest-level warning of extreme weather conditions in the city. The warning was issued for the first time since October 2021, and comes as the city was hit with over 70 millimetres of rainfall in an hour, caused by the aftermath of Typhoon Haikui.

Videos from the city show widespread flooding and torrential streams of water on roads and in subway stations. The Hong Kong observatory advised people against travelling and to take shelter in a safe area.

Hong Kong’s topographical layout- which consists of hills and low-lying coastlines- also makes parts of the city extremely prone to flooding, with waterlogging becoming a common incident during typhoon season.

The city was hit with two consecutive storms over the past week- Super Typhoon Saola and Typhoon Haikui, both of which made landfall in eastern China, while also battering parts of Taiwan and Hong Kong.

The Hong