Posted 1/2/2024, 6:54:00 AM
South Korean Stocks Surge to 7-Month High on Foreign Buying and Short-Selling Ban
- South Korea's Kospi stock index reached its highest level since June 2022 amid foreign buying and a short-selling ban
- The index has gained over 12% since the short-selling prohibition was imposed in early November
- Semiconductor stocks like Samsung and SK Hynix have drawn over $3 billion in foreign inflows in recent months
- Banks predict the Kospi will reach record highs this year on rebounding chip demand and AI optimism
- South Korea's president vowed to scrap a planned capital gains tax to further boost the "significantly undervalued" stock market