-- South Korea will prohibit stock short-selling from Monday until June 2024 to allow regulators to “actively” improve rules and systems, the Financial Services Commission said Sunday.Trading with borrowed shares will be banned for equities on the Kospi 200 Index and Kosdaq 150 Index until June 30, the commission said in a statement.
The financial regulator said there was a need to preemptively respond to growing market uncertainties, and there were concerns that routine naked short-selling could undermine the formation of fair prices. It said authorities have found circumstances of possible naked short selling after discovering cases of the practice by global banks.Short selling accounts for a tiny portion of the nation’s $1.7 trillion stock market — about 0.6% of the Kospi market value and 1.
The regulator’s ban coincides with a nascent recovery in the main South Korean equity benchmark index. The Kospi has rebounded in November after suffering its worst monthly drop in October amid foreign selloffs. The index is still down more than 10% from its August peak. Adam Kinzinger says he's worried about the 2024 presidential election because Trump 'learned where the weaknesses are in the system' from his 2020 election challenges
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