The Financial Services Commission announced on June 23 that it held an "Emergency Meeting to Assess Stock Market Conditions" together with related institutions such as the Financial Supervisory Service and the Korea Exchange.
The meeting was convened in response to heightened volatility risks in the domestic stock market following the United States' military intervention in Iran, which has intensified instability in the Middle East. Authorities determined that proactive measures from financial authorities and related institutions are necessary, as the market could react sensitively depending on Iran's future response.
The related institutions stated, "The domestic stock market has maintained a solid upward trend since Israel's airstrike on Iran on June 13, buoyed by expectations for new government policies. However, if Iran's response escalates following the U.S. military intervention the previous day, uncertainty could increase and market volatility could expand."
Participants agreed to establish a close cooperation system between financial authorities and related institutions and to significantly strengthen market monitoring. They also concurred on the need for thorough surveillance of unfair trading that seeks to exploit market uncertainty, and emphasized that any violations should be met with zero tolerance.
Furthermore, there was consensus that in order to sustain and expand the recent upward momentum in the stock market, it is necessary to swiftly implement policy commitments related to capital market revitalization.
Kim Byunghwan, Chairman of the Financial Services Commission, stated, "The advancement of our capital market begins with and is fundamentally based on market stability. As the market could change rapidly depending on developments such as a potential blockade of the Strait of Hormuz, I urge everyone to remain vigilant even in the face of minor volatility and to make every effort to ensure market stability."
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