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S. Korea bans short-selling for 3 months

08-10-2011 13:35 BJT

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South Korea is banning stock short selling for three months starting Wednesday. Authorities also loosened rules on the amount of daily share buybacks.

The finance regulator said in Tuesday's statement that increased short sales had triggered market instability amid recent sharp drops in the stock market since the S&P downgrade of US debt. Meanwhile, the country's two biggest state-run funds said they may boost investments as the government seeks to shore up the market.

South Korea joins Greece this week in banning short selling after the Kospi Index slumped 17 percent in six days. Meanwhile, the country's central banks said on Wednesday that it will keep a close eye on market speculation, and the short-selling ban is only the first stage of their response.

Editor:Zhang Dan |Source: CNTV.CN

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