SEOUL: A swarm of online traders in South Korea is taking a leaf from the Reddit horde in the United States to quash a government plan to lift a pandemic-imposed ban on short-selling, triggering a rally in the most shorted-stocks such as Celltrion on Monday.
Almost 30,000 investors of the Korea Stockholders Alliance have come together at a membership-based forum at naver.com, signing online petitions and staging downtown demonstrations calling for permanent ban on short selling of shares.
The retail investors dubbed the movement as 'kstreetbets, ' after Reddit's WallStreetBets forum where a rebellion of retail investors against Wall Street drove video-game retailer GameStop Corp. to dizzying heights last week.
"Save the ants! No to short selling! Why befriend short selling," read one of the banners put up by the forum.
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