(Bloomberg) — Hong Kong will raise its storm warning later Wednesday as severe tropical storm Nalgae approaches. The move is expected to halt trading at the local $4 trillion stock market, although it won’t disrupt a high-profile finance summit.
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The local observatory said it will raise the No. 8 signal — its third-highest warning on a scale of five — at or before 1:40 p.m. local time. Members of the public and government employees have been advised to head home, it said in a statement.
Exchange rules require the financial hub to scrap trading of stocks, bonds and derivatives 15 minutes after No. 8 is hoisted. Schools have already been suspended for the day, while public transport will also be limited.
The storm comes as Hong Kong hosts a banking summit to revive the city’s status as an international finance hub, after a talent exodus due to years of pandemic isolation and political tensions. The conference will proceed as planned, according to organizer Hong Kong Monetary Authority. The summit is scheduled to finish around 2:20 p.m.
Nalgae, which means “wings” in Korean, is expected to come within 150 kilometers (93 miles) to the south of the city, with local winds set to strengthen further, the observatory said earlier.
Hong Kong is typically hit by about six typhoons annually, usually from June to October, but only a fraction of those result in market or school closures. The last time was in late August, when tropical storm Ma-on hit the city.
(Updates to add details from first paragraph.)
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