South Korean Stocks Near Erasing 2020 Losses Amid Recovery Bets
- Kospi first Asian benchmark to wipe out year-to-date decline
- Short-sell ban seems to be buoying market: Shinhan Investment
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South Korea’s Kospi index is close to erasing a year-to-date loss of as much as 34%, helped by traders betting on a global rebound and the nation’s temporary ban on short-selling.
The gauge rose and briefly wiped out its 2020 decline in early trading Monday, becoming the first equity benchmark in Asia to do so. The Kospi closed up 0.1% in Seoul, less than 1% away from being in the green for the year. Samsung Electronics Co., the nation’s biggest stock with a 24% weighting in Kospi, fell 1.1%.