(Bloomberg) -- The Philippine stock market will be closed on Wednesday after the government suspended work and schools in the capital due to Typhoon Gaemi.
The Philippine Stock Exchange said there will be no trading in its equity market, according to its post on X.
The nation’s weather agency warned of heavy rainfall in metropolitan Manila and other parts of the main Luzon island on Wednesday that may cause landslides as Gaemi heads towards Taiwan. The typhoon, locally named Carina, further intensified with maximum sustained winds of 155 kilometers per hour near the center and gustiness of up to 190 km/h, it said.
Taiwan has said it will suspend work, classes and the island’s $2.4 trillion stock market for the day as the typhoon approaches with strong winds and heavy rain.
The Philippine stock market was shut in September 2022 when Super Typhoon Noru barreled into the main Luzon island. Last year, the government suspended currency and fixed income markets due to monsoon rains from three cyclones.
©2024 Bloomberg L.P.
