President Lee Jae-myung (이재명) said on Jan. 23 that the KOSPI’s first-ever move above the 5,000 mark means South Korean companies are being properly valued and that this increases the wealth of all citizens.
Lee made the remarks at a town hall meeting titled "Listening to the Heart of Ulsan" at the Ulsan Exhibition and Convention Center. He said the KOSPI broke above 5,000 points on the previous day and that people were happy and offered praise.
Lee said some people ask what a rising stock market has to do with them. He added that others invested in so-called inverse or leveraged inverse products and are falling into total ruin. He said that is how the world works.
Even so, he repeatedly stressed that a rising stock index is a positive development in terms of increasing citizens’ wealth.
He said the national pension fund holds shares in companies and that their value has risen to 250 trillion won, creating a situation in which those present may no longer need to worry about the pension being depleted.
He added that there had been many worries such as, "the national pension will run out in what year" and "I paid into the pension but will die without receiving it", but that almost all of those concerns have disappeared.
[Yonhap]
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