Global markets today, March 18 -- South Korean shares rallied for the third consecutive session on Wednesday, March 18, after regulators took steps to limit listed companies from spinning off and listing certain subsidiaries, addressing a long-standing practice seen as eroding shareholder value.

The benchmark KOSPI jumped 5% after Financial Services Commission Chairman Lee Eog-weon announced fresh measures at an investor meeting in Seoul on Wednesday. The surge also led to a temporary pause in trading to manage volatility.

"Double listings" often weigh on holding-company valuations and are widely regarded as a key structural factor behind South Korea's persistent equity undervaluation, commonly referred to as the 'Korea discount', accor...