Taiwan braced for the impact of Typhoon Kong-rey, the most severe storm to strike the island in nearly 30 years. Making landfall on the east coast, the typhoon brought with it torrential rains, strong winds, and widespread disruptions, affecting everything from financial markets to transportation systems.
The storm’s impact was felt across Taiwan, leading to the cancellation of hundreds of flights and a reduction in high-speed rail services. Power outages affected nearly half a million homes, with the government reporting a significant number of residents without electricity. While the typhoon weakened slightly from its initial super typhoon status, it remained a formidable Category 4 hurricane with gusts exceeding 250 kph, according to Tropical Storm Risk.
Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest contract chipmaker, saw its stock price dip by 1.10% in pre-market trading on Thursday. This decline can be attributed to the storm’s impact on the overall market sentiment and potential logistical disruptions. However, TSMC has implemented its standard typhoon alert procedures, ensuring no significant operational disruptions are anticipated.
The storm’s massive size, the largest since 1996, was highlighted by the Central Weather Administration. President Lai Ching-te urged citizens to exercise caution and avoid hazardous activities during the storm. With the typhoon’s passage, recovery efforts are underway across the island, aiming to restore normalcy as quickly as possible. The extent of the damage and the full economic impact of the typhoon are still being assessed.
