Emergency meeting held due to stock market plunge... “Strict response to unfair trade”

“We take the public’s concerns seriously… We put all our means into relieving anxiety.”

(Seoul = Yonhap News) Reporter Park Jae-ha and Ahn Jeong-hoon = The Democratic Party of Korea held an emergency meeting at the National Assembly on the 6th due to the plunge in the domestic stock market and requested financial authorities to take measures such as strict response to unfair transactions and protection of individual investors.

CEO Kim Min-seok said this at the 'Emergency Meeting for Financial Market Stability and Investor Protection' held at the National Assembly this afternoon, saying, "As the sharp drop in stock prices is an issue related to the stability of national assets, we take citizens' concerns seriously."

Representative Kim emphasized, “We must actively prepare and inspect stabilization measures to prepare sufficient effective measures that can put the public at ease,” and added, “I especially hope that you will work to protect individual investors and restore market trust.”

He went on to say, “Please respond strictly to unfair transactions, market manipulation, and the spread of false information that exploit the expansion of market volatility,” and added, “We will speedily pursue institutional improvements and legislation in the future to create a strong capital market that is not shaken by foreign winds.”

Floor leader Han Byeong-do also promised, "The party and government are taking a serious look at the domestic and international financial market situation, and will deploy all available policy means to stabilize the market and resolve investor anxiety," and added, "From efforts to alleviate volatility, we will put our heads together to improve the fundamental structure of the capital market and prepare legislative and policy alternatives to protect investors."

Deputy Prime Minister and Minister of Finance and Economy Lee Hyung-il, Financial Services Commission Chairman Lee Eok-won, and Financial Supervisory Service Chairman Lee Chan-jin also attended the meeting.

Deputy Prime Minister Lee said, "We will keep a close eye on excessive anxiety and the concentration of supply and demand, and prepare additional measures if volatility further expands. We will also continue policy efforts to fundamentally improve the structure of our capital market, such as corporate value inventory and capital market trust inventory."

The Democratic Party and the government plan to monitor the progress over the weekend and respond quickly by holding additional discussions, including party-government consultations, if necessary.