S. Korea to set up US$ 438 mil. fund to stabilize stock market after long rout
- 6 years ago
South Korea's financial authorities are discussing ways to stabilize the country's stock market as the volatility rages on.
At a meeting with the Financial Supervisory Service and the Korea Exchange on Monday,... Financial Services Commission Vice Chairman Kim Yong-beom said the government will set up a four-hundred-38 million U.S. dollar fund to strengthen market monitoring.
The announcement comes in the wake of the recent market rout with Korea's benchmark KOSPI tumbling six percent just last week, and 20 percent this month as foreign investors and local institutions continued to offload local stocks.
Heads of local securities firms also gathered this morning to assess the recent market situations and discuss contingency plans.
The KOSPI opened slightly higher Monday, but fell again, and is now around the two-housand-20 level.
At a meeting with the Financial Supervisory Service and the Korea Exchange on Monday,... Financial Services Commission Vice Chairman Kim Yong-beom said the government will set up a four-hundred-38 million U.S. dollar fund to strengthen market monitoring.
The announcement comes in the wake of the recent market rout with Korea's benchmark KOSPI tumbling six percent just last week, and 20 percent this month as foreign investors and local institutions continued to offload local stocks.
Heads of local securities firms also gathered this morning to assess the recent market situations and discuss contingency plans.
The KOSPI opened slightly higher Monday, but fell again, and is now around the two-housand-20 level.