Ruling party criticizes KOSPI 9000 milestone, citing investor deprivation

South Korea's benchmark KOSPI index breached 9,000 points for the first time, a milestone largely attributed to gains in a select few semiconductor giants like Samsung Electronics and SK Hynix. However, the ruling People Power Party has voiced strong criticism, arguing the achievement offers little comfort to the majority of investors.

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The President and the government, who bear infinite responsibility for state affairs, are not in a position to be intoxicated by the KOSPI reaching 9,000.

Party floor leader Jeong Jin-seok highlighted the stark reality behind the headline number, stating that on the day the KOSPI hit 9,000, only 109 stocks advanced, while 791 declined, with 17 remaining unchanged. This concentration of gains in a few large-cap stocks, he argued, exacerbates market polarization and creates a sense of "deprivation" among ordinary investors.

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Rather, they should humbly listen to the criticism that the KOSPI index is becoming a number that brings a sense of deprivation rather than joy.

Jeong also pointed to the market's instability, noting that the circuit breaker had been triggered 26 times in the first half of the year. This frequency matches the total for the global financial crisis year of 2008, raising concerns about the market's overall health. The party urged the government to heed these concerns rather than celebrating the KOSPI's record high.

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On the previous day, although the KOSPI rose, only 109 stocks rose, 17 remained unchanged, and 791 stocks fell.