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South Korean financial authorities have banned short-selling until next June. The Korean tech index (KOSDAQ) posted its largest single-day gain in history, but the move begs the question: is crypto the only free marketplace?
JUST IN: The Korean tech index jumped 12% today after South Korea announced that short selling is banned until June 2024.
The index just posted its largest single-day gain in history.
This comes after the index was down a massive ~32% since July 26th.
To put this in… pic.twitter.com/Gku8PWnmDW
The stated intention of the measure is to eliminate naked short selling, a practice that is already illegal in Korea – involving shorting shares without actually borrowing them, but the ban will apply to all short selling.
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