- Hong Kong markets will still open as planned on Wednesday, HKEX says
- Shanghai exchange to reveal later on Monday whether mainland markets will remain closed for the extra two days after State Council extends holiday
The Hong Kong stock exchange has cancelled a ceremony to mark the first trading day of the Year of the Rat on Wednesday, because of the increasing risk the Wuhan coronavirus outbreak poses, it said in an emailed statement on Monday. The stocks and futures markets will open and operate as usual.
"Our decision is based on the increasing risk of coronavirus infection in Hong Kong, and knowing that the health and safety of our guests and colleagues remain our highest priority," bourse operator Hong Kong Exchanges and Clearing (HKEX) said. The ceremony, which includes a lion dance, will not be held for the first time ever in the exchange's two-decade history.
The Hong Kong markets will still open as planned on Wednesday, HKEX said, after closing at lunch on Friday for Lunar New Year celebrations.
The Hong Kong bourse operator closed its trading floor in 2017, as a vast majority of trades were already executed electronically. The HKEX's space is now primarily used for gong ceremonies to celebrate new stock listings, or to mark the first day of trading of the Lunar New Year.
In mainland China, the Lunar New Year holiday has been extended by another two working days, following an announcement by the State Council, the country's chief administrative authority, on Monday. Businesses will now reopen on February 3 " staff were previously expected to return to work on Friday, January 31.
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The benchmark Shanghai Stock Exchange will reveal later on Monday whether mainland markets will remain closed for the extra two days as well. Trading was to resume on Friday, but a decision by the China Securities Regulatory Commission (CSRC) is awaited.
The decision to extend the holiday was taken to "strengthen the prevention and control of the pneumonia epidemic of the new coronavirus infection, effectively reduce the gathering of people, block the spread of the epidemic and better protect the lives and health of people", the State Council said in a note.
Meanwhile, on Sunday the China Banking and Insurance Regulatory Commission (CBIRC) said the banking and insurance industries should temporarily suspend or adjust business hours as they see fit according to the local severity of the virus epidemic, and encourage the availability of online services as necessary.
The regulator also said banking and insurance companies must allow those affected by the epidemic, who might have temporarily lost sources of income, to delay mortgage repayments, or adjust credit policies to repay loans. Customers claiming insurance over infection from the virus are to be given priority service, and the scope of liability should be extended to give full compensation, the CBIRC said.
Companies in affected industries such as tourism and transport should be offered lower interest rates on loans, the regulator added.
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