At the start of trading on Tuesday, South Korea’s benchmark Korea Composite Stock Price Index (KOSPI) dropped 42.25 points, or 1.69 percent, to 2,460.12 after the previous session’s largest single-day gain ever. This surge was the result of the government’s decision to reinstate a ban on stock short selling.
Most major stocks suffered losses, with Samsung Electronics down 0.85 percent and LG Electronics decreasing 1.61 percent. The country’s top steelmaker, POSCO Holding, which had risen 19 percent the day before, plunged 5.84 percent, and SK Innovation dropped 3.79 percent. Hyundai Motor and Kia Motors also declined 1.12 percent and 1.27 percent, respectively.
The local currency was trading at 1302.95 won against the U.S. dollar at 9:15 a.m., a decrease of 5.65 won from the previous session’s close.
odissy@yna.co.kr
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