HONG KONG (AP) — Severe tropical storm Nalgae edged closer to Hong Kong on Wednesday and forced businesses to close, but a finance summit that's meant to restore the city's image as an international financial hub pressed ahead.

As the city braced itself, temporary shelters were opened and theme parks were closed. The Hong Kong Jockey Club scrapped the evening's horse race.

The Hong Kong Observatory raised its No. 8 typhoon signal, the third-highest warning under the city’s weather system, Wednesday afternoon as Nalgae's maximum sustained winds hit 90 kilometers (56 miles) per hour.

The warning, which prompted workers to return home, would remain in force until 6 p.m. Whether the signal would be downgraded later would hinge on the strength of the storm and its distance from the city, the observatory said.

Nalgae killed more than 130 people in the Philippines days ago before moving closer to China’s southeastern and southern coastal regions. Hong Kong, a former British colony, returned to China's rule in 1997.

Philippine President Ferdinand Marcos Jr. on Wednesday declared a state of calamity for six months in four storm-battered regions, including in a five-province Muslim autonomous region in the south, where rescuers continue to search for more villagers feared buried in a huge mudslide in a mountainside community.

The storm, about 170 kilometers (105 miles) south-southeast of the city as of 2 p.m. (0500 GMT), was expected to bring winds with mean speeds of 63 kilometers (39 miles) per hour or more, according to the observatory in Hong Kong.

Residents are urged to stay away from the shoreline and stop going to water sport activities, the observatory added.

The government halted various public services, ranging from vaccination and driving license arrangements to child care and elderly centers. Afternoon trading at the local stock market was suspended after the signal was hoisted.

“Nalgae will weaken gradually. However, it will be very close to the vicinity of the Pearl River Estuary tonight,” the weather forecaster said.

Associated Press writer Jim Gomez in Manila, Philippines, contributed to this report.