The Hana Bank's dealingroom in Seoul shows the stock price index and exchange rate, Nov. 6. Yonhap
Korean stocks traded bullish late Monday morning as the country launched a temporary ban on stock short selling to crack down on illegal market practices by global investment banks.
The benchmark Korea Composite Stock Price Index had soared 92.11 points, or 3.89 percent, to 2,460.45 as of 11:20 a.m.
On Sunday, the Financial Services Commission announced the ban on stock short selling, effective starting Monday through the end of June 2024, citing concerns about growing market volatility and the illegal short selling practices undermining market stability.
In Seoul, steel and battery shares led the overall gains, with top steelmaker POSCO Holdings surging 19.63 percent and leading battery company LG Energy Solution climbing 22.14 percent.
Chemical and energy shares also chalked up strong gains, with chemical giant LG Chem increasing 10.62 percent and major oil refiner SK Innovation gaining 12.91 percent.
Leading carmaker Hyundai Motor rose 1.85 percent, and its smaller affiliate Kia added 0.9 percent. Auto parts maker Hyundai Mobis moved up 1.61 percent.
The local currency had been trading at 1,301.05 won against the U.S. dollar as of 11:20 a.m., up 21.35 won from the previous session's close. (Yonhap)
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