LG Energy Solution's shares rose sharply Monday, leading the rally in battery stocks on a resumed ban on short-selling in South Korea.
The rally was largely driven by South Korean financial regulators' move to reimpose a ban on stock short-selling from Monday for eight months, which prompted traders to cover their earlier short positions for rechargeable-battery stocks, Shinhan Securities said in a note Monday. Financial regulators in Seoul said the ban, which was last lifted in 2021, will be in place until the end of June 2024.
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