Seoul:President Lee Jae Myung has reiterated his commitment to reforming South Korea's capital market, addressing concerns over the undervaluation of stocks by boosting market confidence and tackling irregularities. During a policy discussion at the Korea Exchange, attended by experts, corporate representatives, and government officials, Lee emphasized the government's unwavering dedication to normalizing the capital market.
According to Yonhap News Agency, the president described the undervaluation of South Korean stocks as an "unreasonable abnormality" and reaffirmed his administration's commitment to reforms aimed at enhancing investor confidence. His remarks came amidst significant volatility in the stock market, with the Korea Composite Stock Price Index (KOSPI) trading in the mid-5,000-point range on Friday, a notable drop from its all-time high of 9,114.55 points in late June.
Lee emphasized the importance of restoring investor confidence through institutional reforms and measures to combat market irregularities. He highlighted the government's efforts to address unfair trading practices and abuses by major shareholders, noting that although progress has been made, further steps are necessary.
Concerns over potential geopolitical crises and their impact on investor trust were also addressed by the president, who underscored the significance of removing such worries to restore market confidence. He stated that the government is taking stern action against unfair practices, such as stock price manipulation, and has instructed an investigative body to crack down on financial and capital market irregularities.