Seoul: President Lee Jae Myung held a meeting with executives of brokerage firms on Thursday, emphasizing the need to revitalize the stock market. Lee stressed the importance of eliminating unfair stock transactions, opaque management, and unreasonable decision-making procedures to foster a predictable and fair market environment.
According to Yonhap News Agency, Lee highlighted the progress in curbing stock manipulation and unfair disclosures. He also promised to ease military tensions with North Korea and stabilize the security situation on the Korean Peninsula to reassure investors.
Additionally, Lee underscored the necessity of channeling financial resources into productive industries, moving away from an over-concentration in the real estate market under the “productive financing” concept. He suggested that a vibrant stock market would provide viable alternative investment options.
The presidential office reported that Lee’s investments have benefited from the rally in the Korea Composite Stock Price Index (KOSPI). On May 28, he bought 40 million won (US$28,878) worth of exchange-traded funds (ETFs) and committed to investing 1 million won monthly over the next five years, aiming for a total stock investment of 100 million won.
With KOSPI reaching new highs, Lee’s ETF investment yielded a profit of 11.6 million won, a 26.4 percent return, according to presidential spokesperson Kang Yu-jung. The KOSPI closed up 1.4 percent at 3,461.3, achieving a new all-time high.