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Ruling Party Leader Demands Aide's Dismissal Amid Market Turmoil
🇰🇷 South Korea /Economy & Trade

Ruling Party Leader Demands Aide's Dismissal Amid Market Turmoil

From Dong-A Ilbo · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

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  • A ruling party leader criticized the financial market's turmoil, calling it "chaos" and demanding the dismissal of a top presidential aide.
  • South Korea's stock market experienced extreme volatility, triggering circuit breakers twice in two days for the first time.
  • The KOSPI index plummeted, with July marking the steepest monthly decline since the 1997 IMF financial crisis.

A senior leader of South Korea's ruling People Power Party has sharply criticized the nation's financial market chaos, demanding the dismissal of a key presidential aide. The market experienced unprecedented volatility, triggering trading halts on consecutive days.

It's hellish chaos.

— Chung Jin-sukDescribing the South Korean stock market's volatility.

Rep. Chung Jin-suk described the situation as "hellish chaos" after both the KOSPI and KOSDAQ markets activated circuit breakers on two straight days. He highlighted that the KOSPI index fell below 6,000 points and the KOSDAQ below 700 points. The KOSPI's monthly decline in July reportedly surpassed the rate seen during the 1997 IMF financial crisis, marking a record monthly drop.

This is an unprecedented situation where circuit breakers have been triggered for two consecutive days.

— Chung Jin-sukCommenting on the market's extreme volatility.

Chung questioned whether such market instability, characterized by frequent "roller-coaster" movements, had occurred before the current administration. He expressed anger that responsible government officials offered "feeble excuses and sophistry" while citizens suffered significant financial losses due to the stock market's sharp decline. He specifically called for the dismissal of Kim Yong-beom, the Senior Secretary to the President for Economic Affairs.

The KOSPI has fallen below 6,000 points and the KOSDAQ below 700 points, with the KOSPI plummeting 30% in a month.

— Chung Jin-sukDetailing the extent of the stock market's decline.
DistantNews Editorial

Originally published by Dong-A Ilbo in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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