KOSPI soars 5% as 'Korea discount' measures boost investor sentiment
Business
South Korea's KOSPI index soared 5% on Wednesday after regulators announced measures to stop companies from spinning off and listing subsidiaries at the same time, a move that's been dragging down shareholder value.
The aim? To boost market confidence and close the so-called "Korea discount" that's kept valuations low.
Brief trading halt on KOSPI; mixed mood elsewhere
The announcement by Chairman Lee Eog-weon led to a brief trading halt to keep things calm.
Investors seemed upbeat, but the mood was mixed elsewhere: Japan's Nikkei climbed nearly 3%, while Australia and Hong Kong saw smaller gains.
Over in the US Wall Street edged up slightly as investors stayed cautious amid global tensions and a key Fed meeting.