President Lee Holds Luncheon Meeting with Research Center Heads from Domestic and International Securities Firms
"Will Eliminate Unfair Trading and Opaque Management, Work to Ease Inter-Korean Tensions"
"Will Guide Funds Concentrated in Real Estate
On September 18, President Lee Jaemyung hosted a luncheon meeting at the Yongsan presidential office with heads of research centers from domestic and international securities firms. During the meeting, he stated, "We need to create an environment where people say 'returning to the stock market is a sign of intelligence.'" He also expressed his commitment to eliminating unfair trading and opaque management practices, as well as working to stabilize the situation surrounding the Korean Peninsula.
At the luncheon with heads of research centers from 15 securities firms, President Lee said, "During the presidential campaign, I mentioned that simply normalizing the stock market and changing the administration would push the KOSPI index above 3,000 points, and I am glad that this has become a reality. As I lead the government and manage the economy, I increasingly realize the importance of normalizing the capital market." He made these remarks emphasizing the significance of capital market normalization.
He went on to stress the need to create a predictable market environment and to eliminate unfair trading and opaque management. President Lee stated, "Rationality is the essence of the economy; it must be predictable and stable. I have been told that there should be no unfair trading, no opaque management, and no irrational decision-making. I believe we must eradicate stock price manipulation and unfair disclosures, and significant progress has already been made in this regard."
He also emphasized rational decision-making, sound economic policy, and easing tensions between North and South Korea. President Lee said, "We are making progress on amending the Commercial Act, and with just a few more measures, we can address these structural irrationalities. I will continue to present rational economic policies and provide a clear vision to ensure predictability." He added, "Stabilizing the situation around the Korean Peninsula and easing military confrontation and tensions between the two Koreas will also benefit the capital market."
President Lee also announced plans to channel funds concentrated in real estate speculation into the capital market through financial policy. He said, "Up to now, capital in our country has been concentrated in real estate investment and speculation, which destabilizes the national economy. The focus of financial policy should be to redirect these funds into productive sectors. While immediate results may not be visible, the direction is clear. I believe this will also help normalize the capital market."
He continued, "I still believe it is necessary to revitalize the stock market as an effective alternative investment option for the public, and I am pleased to see some results. If the heads of research centers provide rational and objective analysis to offer more investment opportunities to the public, it will ultimately help increase national wealth and provide opportunities for companies as well."
Attendees at the meeting included Choi Youngkwon, President of the Korea Analysts Association; Park Heechan, Executive Director at Mirae Asset Securities; Yoo Jongwoo, Executive Director at Korea Investment & Securities; Cho Suhong, Executive Director at NH Investment & Securities; Kim Dongwon, Executive Director at KB Securities; Yoon Seokmo, Executive Director at Samsung Securities; Lee Jonghyung, Director at Kiwoom Securities; Yoon Changyong, Executive Director at Shinhan Investment & Securities; Kim Youngil, Executive Director at Daishin Securities; Yoon Yeocheol, Executive Director at Yuanta Securities; Park Younghoon, Executive Director at Hanwha Investment & Securities; Noh Geunchang, Managing Director at Hyundai Motor Securities; Lee Seunghoon, Executive Director at IBK Investment & Securities; Choi Kwanghyuk, Director at LS Securities; Choi Doyeon, Executive Director at SK Securities; and Kim Hyeeun, Executive Director at Morgan Stanley Securities.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
