Typhoon Krathon shuts Taiwan’s stock market, kills 2 people

World’s largest contract chipmaker TSMC said it did not expect a significant impact on operations.

Oct 3, 2024 - 05:00
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Typhoon Krathon shuts Taiwan’s stock market, kills 2 people

Taiwan suspended trading on its US$2.5 trillion stock market for a second day on Thursday as Typhoon Krathon edged toward the island’s densely populated west coast after killing at least two people.

Taiwan Semiconductor Manufacturing Co, or TSMC, the world’s largest contract chipmaker, is listed on the Taiwan Stock Exchange and is closely monitored by traders and the broader industry for any possible disruption to supply chains.

TSMC said it had activated routine typhoon alert preparation procedures at all its fabs and construction sites, adding it did not expect any significant impact on its operations.

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People walk on the street with umbrellas as Typhoon Krathon approaches in Kaohsiung, Taiwan October 2, 2024. (Ann Wang/Reuters)

Heavy winds and rain unleashed by Krathon killed two people, while two others were missing and 102 were injured as of 8 p.m. on Wednesday, according to the island’s Central Emergency Operation Center.

The typhoon disrupted traffic and forced the suspension of flights for a second day on Thursday. Power was cut to nearly 55,000 homes, authorities said.

As well as the stock market, schools, government offices, many private businesses and other financial institutions were closed. 

People flocked to supermarkets and convenience stores to stock up, emptying the shelves in produce sections, according to media.

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People buy food at a supermarket ahead of Typhoon Krathon which is expected to intensify and make an unusual landfall on Taiwan's densely populated west coast in the early hours of Wednesday in Taipei, Taiwan, Sept. 30, 2024. (Ann Wang/Reuters)

As of 10 a.m. on Thursday, Krathon was  30 kilometers (18 miles) southwest of the city of Kaohsiung moving north-northeast at a speed of 8 kilometers per hour (5 mph), data from Taiwan’s Central Weather Administration showed. 

The storm was packing maximum sustained winds of 126 kph (78 mph), with gusts of up to 162 kph (100 mph). 

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Edited by Mike Firn.