president-capital market

SEOUL, Nov. 12 (Yonhap) -- President Lee Jae Myung said Thursday that South Korea's capital market remains undervalued, calling for measures to boost its global competitiveness and attract long-term investments.

The president made the remarks at a meeting with his key aides at Cheong Wa Dae in Seoul, as South Korea's stock market has experienced significant volatility in recent months.

After reaching an all-time closing high of 9,114.55 points in late June, the benchmark Korea Composite Stock Price Index (KOSPI) closed at 5,342.73 points on Thursday, leaving many investors on edge.

The president said the country's capital market has been significantly affected by recent external uncertainties.

Given the country's economic fundamentals and corporate competitiveness, South Korea's capital market "is an attractive investment destination that still remains undervalued," Lee told the meeting.

He said government efforts should be focused on creating an environment in which the capital market receives its fair valuation, allowing its sound development to translate into increased household wealth and improved livelihoods for the public.

The president instructed his key aides to step up efforts to enhance the local capital market's global competitiveness and develop it into an advanced market, specifically calling for measures to improve corporate valuations and shareholder returns, as well as attract long-term investments.

"A greater economic leap forward would be possible if the capital market spearheads economic development by supporting corporate innovation and investment, which, in turn, would help strengthen the capital market," the president noted.

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