Hong Kong Stock Market Opens After Heavy Rain Halted Trading
Hong Kong’s stock exchange opened for afternoon trading after a storm dumped as much as 200 millimeters (8 inches) of rain on the city and forced most services to shut down for the morning.
The stock exchange canceled morning trading after the Hong Kong Observatory issued its highest-level rainstorm warning at 4:10 a.m. The black warning was in effect for about five hours before being lifted as the rain eased. China Galaxy Securities Co. (6881), which made its debut in Hong Kong today, postponed its listing ceremony to tomorrow.
Hong Kong police received reports of landslides in several neighborhoods, according to statements on the government’s website. MTR Corp. (66) said some trains were delayed as the bad weather affected signal operation. Schools suspended classes, while court and tribunal hearings were adjourned for the morning, according to a government statement.
Hong Kong issues the black signal when rainfall is expected to exceed 70 millimeters in an hour, according to the observatory. Banks were closed in the morning and opened after the storm signal was lowered, the Hong Kong Association of Banks said in a statement.
The city said employers shouldn’t require staff to report for work unless previous arrangements have been made, and those working outdoors should stop immediately, according to a statement on its website.
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