The KOSDAQ fell 2 percent to 690.83 as of 2:40 p.m. Thursday following the denial. It had gained more than 10 percent over the previous two sessions, bucking broader market concerns over possible U.S. Federal Reserve rate hikes and risks surrounding Nvidia’s chief executive.
“Claims circulating recently on the internet and social media that additional KOSDAQ measures will be announced on November 13 are entirely untrue,” the Financial Services Commission (FSC) said in a statement Thursday.
“Spreading groundless rumors may constitute unfair trading under the Capital Markets Act, and we will take strict action if violations are confirmed,” it said.
The rumors claimed that the presidential office, the FSC and the Korea Exchange would announce measures Friday to revive the market, including loosening or gradually abolishing the daily price limit that restricts individual stocks to gains or losses of 30 percent.
The purported package also included measures to encourage retail trading and increase liquidity.
The Korea Exchange and the Financial Supervisory Service (FSS) also denied the reports. “Claims circulating online about a meeting on KOSDAQ stimulus measures are entirely untrue,” the FSS said.
The FSC urged investors to avoid trading on unverified rumors and to check policy information against official releases.
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