South Korean stocks surged over 5.6 percent Monday as the country reimposed a ban on stock short selling to crack down on illegal market practices by global investment banks. The local currency sharply rose against the greenback. The benchmark Korea Composite Stock Price Index soared 134.03 points, or 5.66 percent, to close at 2,502.37, extending its winning streak to a fourth day. Tech and battery-related stocks led.
Korean stocks closed up, Monday, at the highest rate in almost four years on the back of a complete ban on short-selling that was reinstated to crack down on illegal market practices by global investment banks and protect retail investors.
Korean stock markets have entered into a wait-and-see phase ahead of a long weekend starting Thursday. With the Chuseok holiday and the National Foundation Day on Oct. 3 combining this year to create the six-day-long holiday, the local stock market is closed from Sept. 28 until Oct. 3.
Korean stock markets have entered into a wait-and-see phase ahead of a long weekend starting Thursday. With the Chuseok holiday and the National Foundation Day on Oct. 3 combining this year to create the six-day-long holiday, the local stock market is closed from Sept. 28 until Oct. 3.
Round-up of South Korean
financial markets: South Korean shares were little changed on Tuesday, with
investors taking a wait-and-see stance ahead of the U.S. Federal
Reserve s policy.