Updated Oct. 3, 2024, 3:08p.m. ET.
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.
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.
Amid the devastation, a fire broke out at a hospital in southern Taiwan's Pingtung county on Thursday, killing at least nine people as Krathon battered the island. Soldiers assisted in evacuating 176 patients to shelters despite heavy rain. The cause of the fire is under investigation.
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 and Joshua Lipes.
This story has been updated to include information about a deadly fire at a hospital in Pingtung county.