Day Traders in Duel With Short-Sellers Over Korea Meme Stock
- Doosan Heavy has fallen after a 160% surge since mid-May
- South Korean retail investors have nicknamed it ‘Doosla’
Photographer: Seokyong Lee/Bloomberg
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Funds looking to short shares in a South Korean power-plant builder are meeting resistance from retail investors rushing to bolster the stock, in an echo of what happened on Wall Street with GameStop Corp. earlier this year.
Doosan Heavy Industries & Construction Co. surged 160% from mid-May to a Monday peak, a gain that sent its market value to the highest level since 2008. The stock slumped 21% on Tuesday after hitting levels that indicated it was overbought, before rising 3% in trading today.