HONG KONG -- The Hong Kong Observatory on early Friday morning issued the No 8 Northwest Gale or Storm Signal under the effect of Typhoon Saola.

The No 8 signal is the third-highest warning under Hong Kong's weather system, which has five rankings for typhoons. Winds with mean speeds of 63 km per hour or more are expected from the northwest quarter.

Due to the storm, many public services and activities in Hong Kong have been suspended. All schools are closed, the Hong Kong Stock Exchange has suspended trading, multiple flights have been canceled at Hong Kong International Airport, and attractions such as Hong Kong Disneyland have been temporarily closed.

At 10 am Friday (0200 GMT), Typhoon Saola was centered about 210 km east-southeast of Hong Kong and is forecast to move west-northwest at a speed of about 10 km per hour towards the vicinity of the Pearl River Estuary.