The Hong Kong Stock Exchange cancelled its morning trading session on Monday due to extreme weather.
The decision by Hong Kong Exchanges and Clearing comes after the government issued a so-called “black rainstorm” warning.
Hong Kong has three levels of rainstorm warning, with black being the highest after amber and red.
It is the city’s first black rainstorm warning his year, with at least 70mm of rain forecast for several districts.
Trading of both securities and derivatives markets were cancelled in the Asian financial hub.
The Hongkong Stock Exchange said that if the black rainstorm warning is cancelled before midday Hong Kong time trading will resume in the afternoon. If not, trading will also be suspended for the afternoon session.
The Hongkong Observatory warned people that “heavy rain will bring flash floods, and flooding is occurring or is expected to occur in watercourses.”
Landslides are also expected.
Schools and Covid-19 vaccination services were also suspended due to safety concerns.
Islands near the city were hit even harder, with more than 150mm of rain reported to have fallen on Lantau and Lamma by 9.45am local time.