(Bloomberg) -- Taiwan’s $2.5 trillion stock market will remain closed on Thursday, marking a rare second day without trading as the deadly Typhoon Gaemi approaches after inundating the Philippines.
Gaemi strengthened into a super typhoon on its way to Taiwan on Wednesday, which saw capital city Taipei shutter schools, workplaces and the stock exchange as a preventive measure. With sustained winds of up to 185 kilometers (115 miles) per hour, Gaemi has forced cancellations of flights and ferries, and Taiwan President Lai Ching-te urged residents in low-lying areas and places prone to landslides to evacuate.
China has also issued its highest alert for the weather system, its first such warning for a storm this year. The storm has devastated the Philippines. At least four people died in a landslide and more than half a million people have been displaced by monsoon rains intensified by the typhoon, according to Philippine authorities. It may be days before the full human and economic costs become clear.
The last time that Taipei was shut for two days in a row for a typhoon was in 2016. The vast storm, which has already begun pelting Taiwan with heavy rain and winds, is expected to make landfall in eastern Taiwan sometime Wednesday night before crossing into the Taiwan Strait Thursday morning. It’s expected to make landfall in mainland China by Thursday night.
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