▲ Democratic Party of Korea leader Kim Min-seok speaks at an emergency meeting on financial market stabilization and investor protection held at the National Assembly on November 6.
The Democratic Party of Korea held an emergency meeting at the National Assembly today (November 6) in response to a sharp drop in the domestic stock market, urging financial authorities to strictly counter unfair trading practices and implement measures to protect retail investors.
Leader Kim Min-seok made the remarks during the "Emergency Meeting for Financial Market Stabilization and Investor Protection" held at the National Assembly this afternoon, stating, "As the plunge in stock prices directly concerns the safety of the public's assets, we take the people's concerns very seriously."
Kim emphasized, "We must actively prepare and review stabilization measures to thoroughly formulate effective policies that reassure the public," adding, "In particular, I ask you to make every effort to protect retail investors and restore market trust."
He continued, "Please respond sternly to unfair trading, market manipulation, and the spread of false information that exploit heightened market volatility," adding, "Going forward, we will swiftly push ahead with institutional reforms and legislation to build a robust capital market that does not waver in the face of external headwinds."
Floor Leader Han Byung-do also pledged, "The party and the government view domestic and overseas financial market conditions with great gravity and will mobilize all available policy measures to stabilize the market and ease investors' anxieties," adding, "We will put our heads together on everything from efforts to curb volatility to crafting legislation and policy alternatives aimed at fundamentally improving the capital market's structure and protecting investors."
The meeting was also attended by Deputy Prime Minister and Minister of Economy and Finance Lee Hyoung-il, Financial Services Commission Chairman Lee Eog-weon, and Financial Supervisory Service Governor Lee Chan-jin.
Deputy Prime Minister Lee stated, "While closely monitoring excessive market anxiety and supply-demand imbalances, we will prepare additional steps if volatility expands further," adding, "We will also continue policy efforts to fundamentally overhaul the structure of our capital market, including boosting corporate value and restoring confidence in capital markets."
The Democratic Party and the government plan to closely watch developments over the weekend and respond swiftly by arranging further discussions, such as party-government consultations, if needed.
(Photo: Yonhap News)
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