Korea aims for 200,000 electric cars by 2020

KRX seeks to invigorate sagging stock market

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Published : 2014-01-09 20:46
Updated : 2014-01-09 20:46

South Korea’s bourse operator unveiled a set of plans on Thursday, including extending trading hours, to bring vitality back to the local stock market currently suffering a stagnant run and a fall in turnover.

The Korea Exchange (KRX) said it will consider expanding the regular stock trading hours in order to boost market liquidity and lure investors back to the market. Other global peers have raised their regular trading hours since the unprecedented global financial crisis in 2008, according to the bourse operator.

The London Stock Exchange and the Euronext have an 8.5-hour regular stock trading system, while the Korea Exchange’s regular trading session runs for six hours from 9 a.m. to 3 p.m.

The KRX said it will study ways to greatly ease daily price limits on shares in after-hours trading in an effort to give more leeway to investors.

The KRX also said it will propose cutting stock transaction tax and maintaining the current nontaxation on trading of financial derivatives. The South Korean government is seeking to levy a tax of 0.001 percent of their turnover value per futures trading and 0.01 percent for options dealing.

Other measures include easing requirements for smaller firms seeking a stock market debut, allowing them to raise capital more easily. The series of measures came as the local stock market is suffering a bearish run and as a stock turnover on the main bourse is declining, which undermines the profitability of local brokerages. (Yonhap News)

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