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Short sellers drove heavy losses in preferred stocks for South Korean retail investors this month, building on a campaign by local regulators to limit the power of Kakao Corp. and other Internet giants.
Kakao, the operator of Korea’s most used messaging app, is shortest action in September, as lawmakers have expressed concerns about its market dominance – a movement that has drawn comparisons with China’s repressions. It has plunged more than 20%, losing $ 14 billion in market value amid sales by institutional investors, even though it is the name most bought by day traders.
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