Independent lawmaker Han Dong-hoon urged President Lee Jae-myung on November 6 to explain the recent drop of the KOSPI index below 5000. He criticized the government's handling of the situation, particularly regarding the National Pension Service's increased investment in domestic stocks.
In a Facebook post titled "The President Must Answer Directly," Han stated, "The President must clarify the current situation of the National Pension Service, which has heavily invested in Samsung Electronics and SK Hynix."
He pointed out, "The KOSPI has just fallen below 5000, a number that the Lee Jae-myung administration set as a national goal." He added, "Failing to uphold a promised number is worse than not achieving it at all, as it reflects the tears of the people."
Han continued his criticism by stating that the government failed to prepare for market volatility. He noted, "Back in March, I warned that the current rise in the KOSPI was due to the semiconductor cycle and advised the government to prepare for a downturn, but they did not heed my warning. Instead, they allowed the National Pension Service to hold onto its stocks when they should have been sold during the market's rise."
He remarked, "As a result of increasing the domestic stock ratio and concentrating investments in Samsung and SK Hynix, 182 trillion won has evaporated in just three and a half months. This figure reflects the market before this week's crash." He concluded, "We are now witnessing the consequences of turning citizens' retirement savings into a speculative gamble."
Meanwhile, according to the Korea Exchange, as of 10:37 AM, the KOSPI was down 374.75 points (6.96%) at 5009.05. At the beginning of trading, the index fell as low as 4919.16, dipping below the 5000 mark.
* This article has been translated by AI.
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