Hong Kong Stocks Edge Down After Storm Wipes Out Morning Trading
Hong Kong Exchange Cancels Morning Session on Black Rainstorm
(Bloomberg) -- Hong Kong stocks slipped on Monday after they resumed trading following a rainstorm that earlier cancelled the morning session.
The benchmark Hang Seng Index slipped 0.06% as of 1:46 p.m. local time, in line with the muted moves in the MSCI Asia Pacific Index. The city earlier lifted all rainstorm warnings, meaning that stock trading would begin in according with Hong Kong Exchanges and Clearing Ltd.’s rules.
The bourse operator had halted morning trading of both securities and derivatives markets, including Stock Connect due to the black rain warning.
Morning trading in the city was last canceled in October last year, when tropical storm Nangka prompted authorities to shutter businesses and close schools. Average daily turnover in Hong Kong this year stands at around HK$188 billion ($24.2 billion), according to data compiled by Bloomberg.
When the market reopens in the afternoon, “there will still be plenty of time to digest weekend news and A-share movements,” said Steven Leung, executive director of UoB Kay Hian (Hong Kong) Ltd. “Markets have been relatively stable in both Hong Kong and A shares lately.”
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