May 3, 2021
Retail traders who drove record gains in South Korean stocks during the darkest days of the pandemic have been bracing for a new threat the return of institutional players betting on share-price declines.
The world’s longest ban on short-selling stocks came to an end Monday, with stocks fluctuating between gains and losses. Nevertheless, the end of the ban has individual investors scrambling for strategies to protect their portfolios.
Some have cashed out large chunks of their holdings over recent weeks, while others are toying with the idea of trying short selling themselves. One influential group, the Korea Stockholders Alliance, even vowed to gather day traders into a force to fight short-sellers much the same way their U.S. peers took on Wall Street over GameStop Corp. if equities begin to tumble.
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Hyundai is now the target of one in South Korea, related to its flirtation earlier this year with Apple.
Hyundai shares rose more than 20 per cent after it confirmed early-stage discussions with Apple in January but subsequently fell back after the group said on February 8 that it was no longer in talks with the US tech giant.
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By Lee Kyung-min
The U.S. GameStop saga is unlikely to materialize in Korea, due largely to a tighter financial market system where small retail investors have limited influence in spiking up share prices through short-selling, according to market watchers, Wednesday.
The much-politicized investment method is widely used by foreign and institutional investors seeking profit after selling borrowed shares at a lower price in a bear market at the expense of retail investors.
Melvin Capital Management, a New York-based hedge fund that bet against the American consumer electronics and gaming merchandise retailer, lost over half its assets after the shares skyrocketed 2,000 percent in January, driven by organized purchases from small retail investors seeking to dry up short-selling funds. The firm s assets dipped to $8 billion as of January, from $12.5 billion in early 2000.
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