Millennium 2000: Euro, Asian Investors Give Y2K the Big Brush OffAired January 3, 2000 - 3:01 a.m. ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
BRIAN NELSON, CNN ANCHOR: To Hong Kong now, where investors appear to have given the Y2K bug the big brush off.
CNN's Lorraine Hahn joins us now from Hong Kong with the details -- Lorraine.
LORRAINE HAHN, CNN CORRESPONDENT: Thank you very much.
I'm happy to report that Asian bourses are A-OK for Y2K. In fact, most investors gobbled up shares with a vengeance, pushing Asia's second biggest market, Hong Kong, to a new record high. Now that market has just closed moments ago, and the Hang Seng index, a preliminary closing figure here, up 2 3/4 percent at 17,421.
Tech stocks again leading the market. Traders say this is a healthy market, the momentum is here, and that their clients have money to spend.
Over in Singapore, a new record high as well, pushed up again by the tech shares. The Straits Times Index traded above 2500 for the first time ever. Right now the index is up 2 3/4 percent at 2549.
Malaysia's market shooting up to a 14-month high, the KLSE up 2 1/2 percent.
Mind you, in the Philippines, though, the market dropped slightly.
Now Asia's second biggest market, that's Tokyo, reopens for trading tomorrow, along with most other regional bourses. The Nikkei starts trading, or starts the new millennium at a two-year high of 18,934 and some loose change, it has gained 37 percent in 1999, but still about 51 percent below its all-time high.
There weren't too many Y2K problems to report, although Japan's financial supervisory agency did say that one international bank, and five domestic brokerages had undisclosed Y2K problems that they have all fixed now, and all systems are ready to go.
That's all from me now, live to Todd Benjamin in London.
TODD BENJAMIN, CNN CORRESPONDENT: Lorraine, thank you.
These markets that are open, primarily Paris and Frankfurt, are starting off where they left off in 1999, at record highs.
Let's go to the numbers for you. In the early go, Frankfurt is up by 20 points, that's 1/3 a percent at 69.79. And Paris is up more than one percent, up some 66 points at 6024. These markets had a terrific year last year, Frankfurt up nearly 39 percent, Paris up 51 percent, and there's still a lot of jubilation.
In terms of Y2K problems, none reported. The transition is going very smoothly. So far so good.
Brian, back to you in Atlanta.
NELSON: All right, thank you, Todd. CNN's Todd Benjamin in London.
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