"24-Hour Market Trend Monitoring and Response"
On the 5th, the KOSPI closed at 2,441.55, down 234.64 points (8.77%) from the previous session. The KOSDAQ ended at 691.28, falling 88.05 points (11.30%). The photo shows the KB Kookmin Bank dealing room in Yeouido on the same day. [Image source=Yonhap News]
On the 5th, the Presidential Office took emergency measures and inspections as the domestic stock market plummeted and market concerns spread.
A Presidential Office official stated, "As concerns over a slowdown in the U.S. economy grow, global stock markets are undergoing significant simultaneous corrections, and the domestic stock market is also declining," adding, "The Presidential Office, government, and related agencies are maintaining heightened vigilance, monitoring market trends 24 hours a day, and responding closely."
On the same day in the morning, the government held a financial risk inspection meeting chaired by Financial Services Commission Chairman Kim Byung-hwan, and in the afternoon, it assessed the market situation through a joint emergency inspection meeting of the Financial Services Commission and the Financial Supervisory Service.
On the morning of the 6th, a macroeconomic and financial issues meeting (F4 meeting) will be held, chaired by Deputy Prime Minister for Economy Choi Sang-mok, with the participation of the Bank of Korea Governor, Financial Services Commission Chairman, and Financial Supervisory Service Commissioner to review the response situation. At the F4 meeting, the market conditions of major countries such as the U.S. and Europe will be closely analyzed, and if necessary, comprehensive measures to stabilize the market will be discussed.
President Yoon Seok-yeol began his summer vacation on the same day but reportedly received reports on the domestic stock market crash from his vacation spot and gave instructions on the response direction.
Seong Tae-yoon, Chief of Policy at the Presidential Office, has given up his vacation and returned to the Yongsan Presidential Office building to respond to the situation.
Earlier, on the 1st, the Presidential Office held a 'Joint Security and Economic Inspection Meeting on the Middle East Situation,' chaired by National Security Office Director Jang Ho-jin and Chief Seong. A Presidential Office official said, "We are examining factors that increase financial market volatility and are closely monitoring the situation," adding, "We will activate the contingency plan in case of emergencies."
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