Jung Cheong-rae, leader of the Democratic Party, said Tuesday that the KOSPI’s first-ever move above 7,300 was an “astonishing figure,” attributing the rise to restored confidence in South Korea’s capital markets.
Speaking at a party leadership meeting at the National Assembly, Jung said the price-to-book ratio, or PBR, was 0.8 under the Yoon Suk Yeol government but has now climbed above 2.0. He said the market’s rise could be read as a sign that state affairs are stable and “Korea risk” has faded, adding that trust in President Lee Jae-myung’s governance is driving the rally.
Jung also pointed to Lee’s repeated Facebook posts expressing a strong commitment to stabilizing home prices, arguing that expectations of a steadier real estate market are lifting stocks.
He criticized the People Power Party for what he called ideological attacks on the Lee government, saying it should “change its mind quickly” and join what he described as a period of rising national fortunes.
On constitutional revision, Jung urged the party to cooperate with passage of a proposal ahead of a planned vote at the National Assembly plenary session on May 7. The People Power Party has labeled the effort a rushed revision aimed at elections. Jung said constitutional change should ultimately be decided by voters in a national referendum. With the party opposing the measure as an official position, the Democratic Party and National Assembly Speaker Woo Won-shik have called for a free vote.
Jung also attacked the People Power Party’s nominations for the June 3 local elections and parliamentary by-elections, calling them “Yoon-again” nominations. He said the party nominated Choo Kyung-ho and Lee Jin-sook, and claimed it would nominate Chung Jin-suk, whom he described as the last chief of staff to Yoon Suk Yeol. “If so, then nominate Yoon Suk Yeol from prison, too,” Jung said. He added, “On Dec. 3, they staged an insurrection with guns and swords. On June 3, are they going to stage an insurrection through nominations?”
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.