September 29, 2011 – A Special Report from Hong Kong on Typhoon Nesat: Dark clouds hung over an empty Victoria Harbor on Thursday morning as typhoon Nesat passes to the south-west. The typhoon forced the closure of Hong Kong’s stock and derivative’s markets. The Island locked down, suspending financial markets, schools and transport services as strong winds and rains pounded the city. Most businesses and public transportation were closed.
The typhoon was located 430 kilometers (267 miles) south-west of Hong Kong and moving west at 11 knots (20 MPH). Nesat is 230 nautical miles (426 miles) east of Hanoi, Vietnam. Maximum significant wave height is 25 feet.
With markets shut on the day September futures expire—Thursday was the second-to-last trading day of the month—the Hong Kong exchange said final settlement prices for index futures and futures contracts will be calculated using the average of the index and relevant stock price quotations in the market’s next trading day instead.
Nesat caused downed trees and collapsed scaffolding at several construction sites. The Hong Kong Airport Authority said that as of 9:00AM local time, 24 flights had been cancelled, 28 arrivals had been diverted to other airports and 319 flights experienced delayed arrivals or departures.
Hong Kong’s main airline, Cathay Pacific Airways Ltd. and its China-focused unit, Hong Kong Dragon Airlines Ltd., said their flight operations had been significantly affected. Flights to and from Sanya island have been cancelled.
Typhoon Nesat is currently located at 20* 12’ north Latitude and 109* 54’ east Longitude. Maximum sustained winds are 75 MPH with gusts to 92 MPH. This makes Nesat a Category 1 Typhoon.
Nesat should weaken to a Tropical Storm, with sustained winds less than 74 MPH, by the time it reaches Hanoi, on Friday, September 30th.
The Master of Disaster