STORY:
Australian Stock Market To Close

Y2K bug concerns cited for extra day of closure

Officials of the Australian Stock Exchange had planned on canceling trading on December 31 so traders could prepare for the New Year's Eve holiday, but now the market will be closed on December 30 as well.

The Sydney Morning Herald reports concerns the stockmarket could experience year 2000 computer failures is the reason for the extra day of closure which would allow brokers and listed companies an extra day to prepare for any eventualities.

The exchange will be closed from Thursday, December 30, until at least Monday, January 3, when the ASX is likely to be the first stockmarket to trade in 2000.

The ASX said the decision was made after several market participants asked for an extra day to round off their books and prepare for the Y2K bug. The Herald reports ASX officials as saying Y2K test of the ASX has been completed and the market is ready for the Year 2000.

If government officials in New South Wales or Victoria declare January 3 as a public holiday, then the ASX will be closed another day giving traders perhaps the longest holiday break in the market's history. Other exchanges, including UK, France, Germany and Tokyo, have said they will close on December 31.

The US exchanges - the New York Stock Exchange, the American Stock Exchange and Nasdaq - have not indicated if they will close.

Source: Sydney Morning Herald

DATE: 7/06/99

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