Jung Cheong-rae, leader of the Democratic Party of Korea, said Thursday that the KOSPI's breakthrough above 4,200 stemmed from spillover effects of housing market stabilization. "I believe the property stabilization effect is transferring to the KOSPI and pushing up stock prices," he said.
"Why has the KOSPI index, which had not even reached 3,000 during the Yoon Suk-yeol administration, more than doubled in less than a year since the launch of the Lee Jae-myung government?" Jung said. "I believe it is because confidence in Korean capital, which had been undervalued, has been restored." He added, "Trust in President Lee's governance, which is accelerating the normalization of the nation, is creating a synergistic effect."
Jung first cited the stability of defense and national security as a specific reason. "We are a country that lives on exports and has an economic structure highly dependent on external factors," he said. "That is why defense and security are extremely important factors, and stability in this area is pushing up the KOSPI index."
"Another point to note is that the housing price stabilization and real estate market stability effects, which President Lee has repeatedly expressed strong determination for through his social media accounts, are transferring to the KOSPI and driving up stock prices," Jung said. "I believe President Lee's governance is the 'best of the best,' and all of these factors combined are ushering in the KOSPI 4,000 era."
Jung did not spare criticism of the People Power Party. "Watching the People Power Party still attack the Lee Jae-myung government with red-baiting tactics, I wonder if they are really living in the 21st century," he said. "I hope the People Power Party, which is steeped in isolated thinking as if living in the Galapagos by bringing out decades-old, outdated red-baiting, will quickly change its mind and join this rising tide of Korea's national fortune."
