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Special Event

Millennium 2000: Y2K Poses No Problems for Bovespa

Aired January 3, 2000 - 8:16 a.m. ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

LEON HARRIS, CNN ANCHOR: Now to Latin America where the stock market in Brazil is opening for trading at this hour. Officials tested their systems over the weekend and they're not expecting any problems today.

CNN's Charles Zewe joins us now live from Sao Paulo, Brazil, he's got the latest from there.

Good morning, Charles, happy new year.

CHARLES ZEWE, CNN CORRESPONDENT: Happy new year to you to, Leon. And good morning from Sao Paulo, Brazil, where the Bovespa has been open now for -- right? -- a little bit more than 16 minutes, and it's up a little bit more than 100 points. It opened at about 17,000, and there have been no Y2K problems here at all.

In fact, they reported the millennium bug here as "the boogey" and the boogey hasn't shown its face here, there are no technical glitches whatsoever. We saw some of the brokers coming into work today, and they were crossing themselves as they came through the turnstiles to get on to the floor, in hopes that they not only would have a good day, but that there would be no trouble today, and so far there has been none.

Joining us now, Sergio Cabral. Sergio, if you would. He is a broker with PlaniBank, which is one of the investment houses here in Sao Paulo, what are you expecting for the market, Sergio?

SERGIO CABRAL, PLANIBANC BROKER: The market goes up during the year, and all the market hopes that it will increase and reach to 32,000 until the end of the year.

ZEWE: What are the hot stocks here?

CABRAL: The hot stocks, it's global cable and all the telecommunications shares.

ZEWE: Now, Brazil has gone through some severe financial trouble, and has all of that calmed down now? The real has been devalued, the interest rates have come down, inflation has come down, is the market taking that as a cue to go up?

CABRAL: Yes, of course. All the market is happy with all the change, but the market hopes that the congress do their job as soon as possible.

ZEWE: Doing their job here in Brazil means enacting some reforms, some fiscal reform, and some social reforms that president Fernando Henrique Cardoso has proposing a wide-ranging series of the reforms that it is hoped would impact the market here.

By the way, Leon, they spent about $7 billion in Brazil alone getting ready for Y2K, and nowhere in the country, that we're aware of, were any problems of any kind reported.

Back to you.

HARRIS: All right, thanks, Charles Zewe, reporting this morning live from Sao Paulo, Brazil. There's the word, no boogey in Brazil.

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