News Briefing: Today's Major News... KOSPI Plunges Over 10% Intraday in Black Tuesday

1. Many people investing in stocks these days must feel their hearts dropping frequently. The KOSPI plummeted by more than 10% intraday again today (July 28). Circuit breakers, a market stabilization measure, were triggered for the eighth time this year. The KOSPI index dropped to the 6,000 level, reverting to levels seen three months ago. Analysts attribute this to concerns over a memory supply glut originating from China, alongside the plunge in NVIDIA shares following controversies surrounding AI circular trading in the U.S. stock market.

2. Pointed out as a factor driving up KOSPI's volatility, Financial Services Commission Chairman Lee Eok-won stated regarding single-stock leverage funds that additional measures, such as setting individual investment limits, will be reviewed if demand fails to sufficiently stabilize. Chairman Lee made the remarks during a meeting with major securities firm executives and asset managers today, proposing total volume management schemes such as restricting leverage product investments to within 20% of an individual's total investment amount.

3. A recount was held yesterday for the Tongyeong mayoral election in South Gyeongsang Province, where the election outcome was decided by a mere 44 votes during the last local elections. While the vote margin narrowed as a result of the recount, the final outcome remained unchanged. The South Gyeongsang Provincial Election Commission announced that after re-verifying 69,693 ballots during yesterday's Tongyeong mayoral recount, incumbent Mayor Kang Seok-joo of the Democratic Party of Korea garnered 33,626 votes, while former Mayor Cheon Young-ki of the People Power Party received 33,588 votes. Initially, the vote margin between the two candidates was 44 votes, but out of 1,030 previously invalid ballots, 6 were recognized as votes for former Mayor Cheon, narrowing the gap to 38 votes without altering the election result. The observer delegation representing former Mayor Cheon at yesterday's recount site included figures such as Jeon Han-gil and producer Lee Young-don, who have previously raised allegations of election fraud.

4. The joint investigation headquarters comprising prosecutors and police, which launched an investigation to uncover the truth behind the ballot paper shortage, has booked and summoned two officials from the Songpa-gu Election Commission on charges of dereliction of duty. The joint probe is currently questioning election official A and election division 1 manager B of the Songpa-gu Election Commission as suspects charged with dereliction of duty today. The two are accused of failing to take preventive measures despite prior circumstances during the last local elections indicating that a ballot paper shortage could occur at a specific polling station. They are also accused of ignoring requests for additional ballot papers from frontline polling stations and failing to respond promptly. Previously, the joint investigation headquarters had questioned reported election commission officials as suspects, but this marks the first time it has summoned directly booked suspects for questioning.
※ Please note: This article was translated by AI and may contain errors.