Anna Jiwon Park has been covering the politics at The Korea Times since the summer of 2024, when she joined the press pool for the Office of the President in Korea. Prior to that, she spent about five years reporting extensively on financial markets, regulatory authorities and the financial industry. She joined The Korea Times in 2019 after spending eight years as a broadcast journalist at Arirang TV, Korea’s leading global broadcaster, covering politics, defense and culture.
Lee vows continued push for stronger capital markets as KOSPI soars
President Lee Jae Myung speaks during a luncheon meeting with heads of brokerages' research centers at the presidential office in Seoul, Thursday. Yonhap
By Anna J. Park
President meets heads of brokerages' research centers to discuss fairer rules, market transparency
President Lee Jae Myung reiterated his campaign pledge to bolster the stock market, emphasizing the need to promote equities as a viable investment alternative and curb the public’s heavy reliance on real estate, as the benchmark KOSPI surged to a record high Thursday.
The remarks came during a luncheon at the presidential office with the heads of research centers from 16 domestic and international securities firms. The president emphasized the need to eliminate unfair trading practices and foster a transparent, rational and predictable market environment to maintain investor confidence.
“When I was a presidential candidate, I suggested that even a change in government leadership would push the KOSPI above 3,000 points, and fortunately, that came true,” Lee said. “Now that I hold the reins of government and economic policy, I realize more than ever the importance of normalizing the capital markets, including the stock market.”
Lee emphasized that financial markets must be both predictable and stable, urging continued institutional reforms in the securities sector. He highlighted progress in cracking down on stock price manipulation, unfair disclosures and opaque corporate governance.
"I think there should be a predictable and rational market environment — without things like unfair trading, opaque management or irrational decision-making," Lee said. “We’ve already made meaningful advances in addressing these issues.”
President Lee Jae Myung speaks during a luncheon meeting with the heads of research from brokerages at the presidential office in Seoul, Thursday. Yonhap
The president also highlighted recent amendments to the Commercial Act as steps toward more rational corporate decision-making. The partial amendment, passed by the National Assembly in July, codifies directors’ fiduciary duties to shareholders, allows electronic shareholder meetings for listed companies and expands the role of outside directors. Aimed at protecting minority shareholders, these measures are widely seen as bolstering Korea’s stock and capital markets.
“The recent amendment to the Commercial Act is seen as advancing the goal of fostering more rational decision-making in corporate governance. With just a few additional measures, we can fully resolve structural irrationalities,” Lee said.
He also pledged to continue advancing rational economic and industrial policies guided by a clear growth vision and underscored the importance of geopolitical stability for maintaining market health.
“We must continue to advance economic and industrial policies that are rational, clarify our vision and make outcomes more predictable,” he said. “Another critical task is to stabilize the situation on the Korean Peninsula. Reducing military confrontation and easing tensions between the two Koreas will also support healthier markets.”
President Lee Jae Myung speaks during a luncheon meeting with the heads of research from brokerages at the presidential office in Seoul, Thursday. Yonhap
The president further emphasized the need to reshape Korea’s investment culture, shifting it away from heavy reliance on real estate speculation toward more “productive” forms of finance.
“We have accumulated substantial capital, but much of it has been funneled into real estate speculation, which destabilizes the economy,” he said. “Our financial policies should redirect capital toward productive sectors. While the results may take time, the direction is clear, and this shift will help normalize the capital markets.”
Heads of research centers from leading securities firms attended the luncheon, including Mirae Asset, Korea Investment & Securities, NH Investment & Securities, KB Securities, Samsung Securities, Kiwoom Securities, Shinhan Investment, Daishin Securities, Yuanta Securities, Hanwha Investment & Securities, Hyundai Motor Securities, IBK Investment & Securities, LS Securities, SK Securities and Morgan Stanley Securities.