Taiwan shuts stock market, schools as Typhoon Champi nears; over 900 flights cancelled

Taiwan’s $5 trillion stock market will remain closed on Friday, October 23, as part of an island-wide shutdown prompted by Typhoon Champi. Schools and offices across most of the island will also remain shut as authorities brace for the storm’s impact.

Taiwan’s is the world’s fifth-largest stock exchange. The closure comes as tech-heavy markets in Taiwan, South Korea and Japan have come under pressure amid investor scrutiny of global technology companies’ earnings and lofty spendings on AI.

Over 900

flights were cancelled, Bloomberg reported. This includes all of 262 domestic flights and more than 350 international services scheduled for the day that Taiwan's transport ministry has now cancelled. Several train services were also disrupted, while public transport in Taipei operated with reduced services.

Champi, which weakened after reaching super typhoon strength earlier this week, was packing sustained winds of 155 km per hour, equivalent to a Category 2 hurricane, according to Taiwan’s Central Weather Administration. 

It has killed at least one person and injured 94, according to government statements. 

Forecasters expect Champi to pass just east of Taipei early Saturday before curving northeast along China’s eastern coast towards Japan. Cooler ocean waters and increasing wind shear are expected to weaken the storm further, although its expansive wind field poses continuing risks from heavy rain and strong winds.

Authorities have warned of torrential rainfall in northern Taiwan’s mountainous areas, raising the risk of flooding and landslides. The storm’s effects are also expected to reach Japan’s southwestern islands.

(With inputs from agencies)