June 22, 2024

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South Korean Stocks Jump After Regulator Bans Short Selling

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South Korean stocks surged after regulators reimposed a full ban on short-selling for about eight months, a controversial move that authorities said was needed to stop illegal use of a trading tactic deployed regularly by hedge funds and other investors around the world.

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(Bloomberg) — South Korean stocks surged after regulators reimposed a full ban on short-selling for about eight months, a controversial move that authorities said was needed to stop illegal use of a trading tactic deployed regularly by hedge funds and other investors around the world.

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 small-cap Kosdaq Index rose as much as 4.4%. 

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Bloomberg News

2023-11-05 19:35:44

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