S.Korea to hold IR session to unveil market-boosting steps
The government will expedite the implementation of key policies such as stock market value-up and WGBI inclusion
Deputy Prime Minister and Finance Minister Choi Sang-mok (right) holds an economy-related ministers' meeting to discuss ways to stabilize the domestic market
South Korea's government will host an overseas investor relations session to explain the country’s economic conditions and unveil market-boosting measures, Deputy Prime Minister and Finance Minister Choi Sang-mok said on Monday.
Speaking at an emergency macroeconomic and financial issues meeting, Choi also said the government will expedite implementation of key policies such as stock market value enhancement, inclusion of government bonds in the World Government Bond Index (WGBI) and advancement of capital and foreign exchange markets.
“We will continue 24-hour monitoring of financial and foreign exchange markets,” said Choi. “Our efforts to maintain Korea's external creditworthiness will also continue, including the hosting of Korean investor relations events, appointing ambassadors for international finance and investment cooperation, launching a government task force for foreign investor ombudsman activities and strengthening incentives for foreign investment.”
The main Kospi and smaller Kosdaq indexes opened higher on Monday after the impeachment of President Yoon Suk Yeol on Saturday The Monday meeting, known as the F4 Meeting, was attended by Bank of Korea Governor Lee Chang-yong, Financial Services Commission Chairman Kim Byoung-hwan and Senior Deputy Governor of the Financial Supervisory Service Lee Se-hoon.
In October, FTSE Russell, the global index subsidiary of the London Stock Exchange Group, said Korea will be included in its FTSE World Government Bond Index, or WGBI, starting in November 2025.
Separately, the finance minister attended the ASEAN+3 Macroeconomic Research Office (AMRO) meeting held in Seoul to emphasize the lessened economic uncertainty following the impeachment of President Yoon Suk Yeol on Saturday.
The National Pension Service is Korea's largest institutional investor In his congratulatory address at the AMRO meeting, he said: "The uncertainty surrounding Korea's political situation has been resolved. Korea's economic system and emergency response framework are operating stably.”
He said the government will closely cooperate with both the ruling and opposition parties to ensure the smooth implementation of major economic policies.
AMRO focuses on promoting macroeconomic and financial stability in the Asian region. It includes the 10-member Association of Southeast Asian Nations and three Northeast Asian partners: Korea, China and Japan.
MARKETS ON A POSITIVE NOTE
Earlier on Monday, Korea’s financial markets were in positive territory, shrugging off a spate of political events over the past few weeks.
Protesters cheer outside the National Assembly after the impeachment of President Yoon on Dec. 14, 2024 (Courtesy of Yonhap) The main Kospi stock index was 0.7% higher at 2,512.95, while the tech-heavy Kosdaq was up 1% at 700.29. The Korean won strengthened to 1,428.70 per dollar.
Analysts predicted the Korean won currency would stage a rebound from its two-year low against the US dollar and hold steady in 2025 after Saturday’s impeachment of President Yoon eased political uncertainty over Asia's fourth-largest economy.
On Friday, three global ratings agencies — Moody's, Fitch and S&P Global — all shared the view that Korea's sovereign credit ratings and its economic fundamentals were unscathed by Yoon’s botched martial law attempt and the ensuing political disarray.
Korea’s finance minister and central bank chief have vowed to take necessary action to stabilize the domestic economy.
