South Korean Stocks Jump After Regulator Bans Short Selling

-- South Korean stocks surged following a regulator’s move to reimpose a full ban on short-selling for about eight months as authorities say they are looking to stomp out illegal use of the trading tactic in order to curb market turmoil.The benchmark Kospi jumped as much as 2.7%, leading gains among regional gauges in Asia early Monday. Stocks that had seen recent jumps in short-selling positions, including LG Energy Solution Ltd. and Posco Future M Co., were among the biggest boosts.

The Kospi surged earlier this year on frenzied buying of electric-vehicle battery names and chip stocks related to the artificial intelligence theme. Concerns over geopolitical tensions and high interest rates reversed the rally in recent months, driving the benchmark into a technical correction and nearly erasing its gain for the year.The financial regulator said the market had been disrupted due to “massive” naked short-selling by global investment banks.

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South Korea Stocks Jump as Nation Reimposes Ban on Short-SellingSouth Korean stocks surged following the nation’s move to reimpose a full ban on short-selling for about eight months as authorities look to stomp out illegal use of the trading tactic in order to curb market turmoil.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

South Korea to Ban Short-Selling of Stocks Until June Next Year(Bloomberg) -- South Korea will prohibit stock short-selling from Monday until June 2024 to allow regulators to “actively” improve rules and systems, the...
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South Korea to Ban Short-Selling of Stocks Until June Next YearSouth 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.
Source: BNNBloomberg - 🏆 83. / 50 Read more »