Kim Byung-wook: "Opposition tramples on Donghak Ants' hearts... Stock prices are the future coordinates of Korea's economy"

"President Moon Mentions Hopeful Outlook on the Opening of the 3000 Era in Stock Prices"
"KOSPI Index Surpasses 2700, Signaling a Hopeful Future for Korea's Capital Market"

Kim Byung-wook, Member of the Democratic Party of Korea / Photo by Yonhap News

[Asia Economy Reporter Lim Ju-hyung] Kim Byung-wook, a member of the Democratic Party of Korea, criticized the People Power Party, saying they are "trampling on the hearts of Donghak ants." This was in response to the opposition party's criticism of President Moon Jae-in's earlier remark that "the era of the KOSPI index reaching 3000 is not impossible," which they called "completely inappropriate for the situation."

On the 15th, Kim wrote on his Facebook, "Please do not extinguish the flame of hope for the Korean economy for the sake of political strife," emphasizing that "the stock index is the coordinate of Korea's economic future."

He continued, "President Moon Jae-in mentioned hopeful prospects for the opening of the 3000 era of the stock market at the Blue House senior secretaries' meeting," adding, "A few days ago, as the KOSPI index surpassed the 2700 mark, hopeful signals about the future of the Korean capital market were announced one after another, and I believe the President sent a message in response to this."

He then pointed out, "In response, Joo Ho-young, the floor leader of the People Power Party, criticized, saying, 'Despite this crisis situation, President Moon made remarks that are inappropriate for the situation by expressing hopeful prospects for the opening of the 3000 era of the stock market,'" calling it "a truly regrettable statement."

Kim urged, "Please do not extinguish the flame of hope for the Korean economy, which is beginning through unprecedented capital market revitalization, merely as a political message for party interests," and criticized, "Due to recent investment activation, Korea's PER (forward price-earnings ratio) is rising rapidly, showing hopeful predictions, but in this situation, the opposition party is extinguishing the spark of hope for the Korean economy solely to criticize President Moon."

Joo Ho-young, floor leader of the People Power Party, is speaking at the party's strategy meeting held at the National Assembly on the morning of the 15th. / Photo by Yonhap News

He emphasized, "Both politicians must understand that such irresponsible remarks ultimately trample on the future of the Korean stock market and the hearts of the Donghak ants participating in it."

Earlier, on the 14th, President Moon said at a senior secretaries' meeting held at the Blue House, "Both the KOSPI and KOSDAQ indices have reached all-time highs, and hopeful prospects for the opening of the 3000 era of the stock market are emerging," adding, "Despite the difficult situation where domestic demand and consumption are sharply shrinking due to the spread of COVID-19 and strengthened quarantine measures, it is fortunate that Korea's macroeconomy is showing a good trend."

President Moon particularly mentioned that among the top 20 companies by market capitalization in the KOSDAQ market, 13 are venture companies, and among the top 20 in the KOSPI market, 4 are venture companies, evaluating that "the second venture boom spreading further amid the COVID-19 crisis clearly demonstrates the dynamism of our economy."

However, the opposition party criticized President Moon's remarks as "inappropriate for the situation."

At the party's floor leaders' meeting held on the 15th, Floor Leader Joo said, "I seriously worry whether there is a proper understanding of reality, who writes these presidential remarks, and why they are read without checks," criticizing, "Just because hopeful prospects for the 3000 era of the stock market are emerging does not mean that the anxiety over COVID-19 has disappeared or that the economy, which has fallen to its lowest, has recovered."

This content was produced with the assistance of AI translation services.