Today in Markets: Sayonara Shorts
Bankless market analysis for November 6, 2023
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 Kobeissi Letter (@KobeissiLetter) November 6, 2023
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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Jack Inabinet
Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial real estate development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business.
