Hong Kong stocks to resume trading after morning black rain storm​​​​​​​​​​​​​​​​​​​​​​​​​​​​

Morning trading in the city was last cancelled in October 2020 when tropical storm Nangka prompted authorities to shut businesses and schools

epa09306999 A woman carries an umbrella as she crosses a street during a rain storm in Hong Kong, China, 28 June 2021. The Hong Kong Observatory issued a Black Rainstorm Warning Signal meaning that heavy rain has fallen or is expected to fall, exceeding 70 millimetres in an hour.  EPA/JEROME FAVRE

Hong Kong stocks will resume trading on Monday afternoon, after the city's weather observatory lowered its storm warning that had earlier prompted the cancellation of the morning session.

The Hong Kong Observatory lowered the storm warning to red from black shortly after 11am local time, meaning stock trading will begin at 1.30pm in accordance with Hong Kong Exchanges and Clearing's rules.

The bourse operator had earlier cancelled morning trading of both securities and derivatives markets, including Stock Connect, due to the black rain warning.

Earlier the city's education bureau suspended classes across Hong Kong due to the severe weather.

The government will resume administering Covid-19 vaccinations after lowering the rainstorm warning.

Morning trading in the city was last cancelled 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 ($24.2bn), 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”, Steven Leung, executive director of UoB Kay Hian (Hong Kong), said.

“Markets have been relatively stable in both Hong Kong and A shares lately.”

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