Hong Kong has issued a strong storm warning due to Typhoon Koinu, and it’s expected to remain in effect until at least 11 a.m. on Monday. This will likely affect the morning trading on the local stock exchange.
The Hong Kong Observatory issued a No. 8 storm alert just before midnight on Sunday, after previously raising it to the rarely used signal No. 9. They mentioned that this alert is likely to stay in place for most of the morning. According to the rules of the Hong Kong Exchanges & Clearing Ltd., if a signal of 8 or higher is still in effect after 9 a.m., the morning trading session will be canceled.
Around midnight, Typhoon Koinu was located approximately 70 kilometers (44 miles) south-southwest of the Hong Kong Observatory. Although the typhoon has been moving westward steadily over the past few hours, it’s expected that hurricane-force winds will gradually move away from the seas south of Hong Kong. However, the observatory has warned of ‘heavy squally showers’ expected over the territory on Monday.
Last month, Hong Kong raised its No. 10 storm signal for the first time in five years due to Typhoon Saola hitting the area hard. The last time the city issued its highest hurricane warning twice in a single year was way back in 1964, when typhoons Ruby and Dot struck.
Just in the past hour, the winds at Tate’s Cairn, a peak in Kowloon, reached 75 kilometers per hour, with gusts going as high as 104 kilometers per hour.
This typhoon is approaching after Hong Kong has already faced a series of severe weather events in recent weeks. Apart from Typhoon Saola, there was record-breaking rainfall caused by the remains of Typhoon Haikui, which flooded streets, submerged vehicles, and triggered landslides. There was criticism of the authorities for not giving enough advance notice about the severity of the rain.
According to Bloomberg Intelligence analyst Steven Lam, insurance claims in Hong Kong due to natural disasters could reach a record high of over $500 million this year if Typhoon Koinu brings more heavy rain and causes flooding.
Hong Kong’s distinctive landscape, with roads and buildings built on steep hillsides, makes the city susceptible to flooding and landslides during heavy summer rains, which have been getting worse over time because of climate change.
Many of the popular entertainment spots in the city, including Disneyland and Ocean Park, have announced that they will be closed on Sunday due to the weather. The Hong Kong Jockey Club also canceled its horse-race meeting in Sha Tin. Authorities have set up 27 temporary shelters across the districts for those who need them.
Typhoon Koinu, which means “puppy” in Japanese, recently passed by the southern tip of Taiwan, resulting in one fatality and more than 300 people getting injured, according to official reports. Even though regional weather observatories predicted that the storm would weaken after moving past Taiwan, Koinu surprised by rebuilding its eyewall and gaining strength again.
