Reuters reported that South Korean steelmaker POSCO has denied market rumors that it may purchase brokerage Kyobo Securities.

A POSCO spokeswoman said that "We are not considering the buy. The market rumors are totally groundless and we will report so to the stock exchange today."

The South Korean bourse operator has asked the two companies to clarify the market rumors.

A spokesman for Kyobo Securities also denied the market rumors.

(Sourced from www.reuters.com)