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BackFinance minister vows timely actions to ease stock market volatility
Finance minister vows timely actions to ease stock market volatility
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Yonhap News30 minutes agoBusiness1 min readSouth Korea

Finance minister vows timely actions to ease stock market volatility

Lee Hyoung-il cites U.S. midterm elections and Wall Street AI-related sell-offs as external pressures

south koreafinance ministerstock market

Quick Look

  • South Korea's Finance Minister Lee Hyoung-il said financial authorities will map out measures to reduce local stock market volatility amid a tech rout, following Wall Street declines tied to tighter AI sector regulations.
  • The KOSPI benchmark plunged more than 8 percent shortly after opening, suspending trading of KOSPI-listed shares for 20 minutes.

AI-generated summary

Why It Matters

South Korea's finance minister addressed an economy-related meeting amid a global tech rout, citing U.S. midterm elections as a watershed for the global economy and overnight Wall Street falls driven by tighter regulations on AI-related sectors.

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SEOUL, Nov. 6 (Yonhap) -- The country's finance minister said Friday that the financial authorities will map out measures to help the local stock market be less volatile amid the ongoing tech rout.

In an economy-related meeting, Finance Minister Lee Hyoung-il said the U.S. midterm elections are an important watershed for the global economy, saying that overnight falls on Wall Street in the face of tighter regulations on AI-related sectors would deliver a blow to the global market.

Lee said the Korean economy's fundamentals are more solid than ever before and vowed to respond to external uncertainties.

Shortly after the opening bell, trading of the KOSPI-listed shares was suspended for 20 minutes, as the benchmark index plunged by more than 8 percent amid tech sell-offs.

What to Watch

AI outlook — possibilities, not facts

  • South Korean financial authorities will announce specific measures to reduce stock market volatility

    Likely · Within days

Open Questions

  • What specific measures will financial authorities implement to reduce stock market volatility?
  • When will these measures be announced or implemented?
  • How long was the KOSPI trading suspension and which specific stocks were affected?

Related Topics

south korea
PeopleLee Hyoung-il
OrganizationsYonhap
PlacesSeoulSouth KoreaUnited States
Topicsfinance ministerstock markettech routkospiwall streetai regulations
This article was originally published by Yonhap News.

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