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[Alpha Biz=(Chicago) Reporter Kim Jisun] President Yoon Seok-yeol said in his remarks at the Cabinet meeting held at the Yongsan Presidential Office on the 14th, "We will ban short selling until a fundamental improvement plan is created.".
"Neglecting the illegal short selling problem further could make it difficult to form fair prices in the stock market, not only causing heavy losses to individual investors, but also leading to a drop in confidence in the stock market and an exodus of investors," President Yoon said.
"Some are concerned that the public sale ban will make it difficult to include the Morgan Stanley Capital International (MSCI) advanced index," President Yoon said. "However, we believe that unlike the U.S., the Korean stock market is highly volatile and has a high proportion of individual investors, which will have a positive impact on the competitiveness of the Korean stock market in the long run."
"The Financial Services Commission and the Financial Supervisory Service should prepare a solution to correct the tilted playground and protect individual investors," he said.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
