Finance minister vows timely actions to ease stock market volatility
The country's finance minister said Friday that the financial authorities will map out measures to help the local stock market be less volatile amid the ongoing tech rout. In an economy-related meeting, Finance Minister Lee Hyoung-il said the U.S. midterm elections are an important watershed for the global economy, saying that overnight falls on Wall Street in the face of tighter regulations on…
The finance minister of the country has assured that the financial authorities are planning to implement measures to reduce the volatility of the local stock market amidst the ongoing tech downturn. During an economy-related meeting, Finance Minister Lee Hyoung-il highlighted the U.S. midterm elections as a significant turning point for the global economy, noting that the abrupt declines on Wall Street due to stricter regulations on AI-related sectors could negatively impact the global market.
Despite this, Lee emphasized the robustness of the Korean economy's fundamentals and pledged to address external uncertainties swiftly. Following the opening bell, share trading on the KOSPI-listed shares was briefly halted for 20 minutes as the benchmark index plummeted by over 8 percent in response to tech sell-offs.
Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.