SKorean agencies agree fund to stabilise stock market
AFP - Thursday, November 6
SEOUL (AFP) - - South Korea's stock market agencies on Thursday announced an agreement to set up a 515 billion won (390 million dollar) fund to stabilise the volatile bourse.
Agreement was reached between the Korea Securities Dealers Association (KSDA), the market operator Korea Exchange, the Korea Securities Depository and the Asset Management Association of Korea, the KSDA said in a statement.
The fund will buy 100 billion won worth of shares every month on the local bourse over the next five months.
A similar fund was created in 2003 to help stabilise the market. The size of that fund was 400 billion won.
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