(Bloomberg) -- Taipei will suspend work, classes and the island’s $2.4 trillion stock market as typhoon Gaemi approaches Taiwan with strong winds and heavy rain.
The island will not conduct securities, currency or fixed income trading on Wednesday, according to statements from its exchange. Authorities had issued a warning Tuesday that the storm could affect people on land and canceled some ship crossings and domestic flights.
Taiwan Semiconductor Manufacturing Co. expects its local chipmaking fabs to maintain normal production, according to an emailed statement from the company. The main chipmaker for Apple Inc. and Nvidia Corp. said it has activated routine typhoon alert preparations at all fabs, including placing emergency response teams on standby.
Gaemi started sweeping through the Philippines in recent days, putting northern parts of its main Luzon island on alert. The system comes as tropical storm Prapiroon is also impacting China and Vietnam.
Taiwan’s market suspension comes after volatile trading in recent days, with the benchmark Taiwan Stock Exchange Weighted Index nearing a technical correction after investors took profits from the artificial intelligence frenzy. The exchange is home to TSMC and traders are keenly watching for any possible disruption from the typhoon.
--With assistance from Jane Lanhee Lee and Foster Wong.
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