Han Donghoon: "NPS Went All In on Samsung Electronics and SK hynix... Gambling with People's Retirement Savings"

Urges the president to "answer directly"
KOSPI falls below 5,000 intraday as sentiment toward semiconductors worsens

With the KOSPI falling below 5,000 for the first time in about nine months on the 6th, independent lawmaker Han Donghoon strongly criticized the decline, calling it “the price of turning the people’s retirement savings into a speculative gamble.”

Han made the demand in a post on his social media account that day, saying, “The president must answer directly.” He continued, “Overnight, the Nasdaq plunged 5.5%, and the U.S. semiconductor index fell more than 12%.” He argued, “A KOSPI level of 5,000 was a target the Lee Jae-myung administration made a key policy task. A number you reach but then fail to maintain is worse than one you never reach.”

Independent lawmaker Han Dong-hoon. Yonhap News

Han said, “Because the people’s tears of blood are in it,” adding, “Last March, I said, ‘The current rise is thanks to the semiconductor cycle, so don’t congratulate yourselves; prepare for the downturn.’ The government did not prepare,” he criticized.

He continued, “Instead, the government let the National Pension Service keep its shares, which it should have reduced when stock prices were rising, and increased the share of domestic stocks even further, going all in on Samsung Electronics and SK hynix.” He explained, “As a result, 182 trillion won evaporated in just three and a half months. That figure is from before this week’s crash.”

The KOSPI and KOSDAQ indexes are displayed at the Korea Exchange in Yeouido, Seoul, on the 6th, as the KOSPI plunged more than 8% and fell below the 5,000 mark during trading. Yonhap News.

He stressed, “The president must personally disclose the current state of the National Pension Service after it went all in on Samsung Electronics and SK hynix,” adding, “We are now seeing the price of turning the people’s retirement savings into collateral for a speculative gamble.”

On November 5 (local time), the Nasdaq, a U.S. technology stock index, fell more than 5.5%. The Nasdaq, which plunged sharply that day, continued to sell off intraday without any notable rebound. The DRAM ETF, an exchange-traded fund (ETF) for listed memory chip manufacturers, and the Philadelphia Semiconductor Index also fell more than 10% each in the wake of the declines.

Reflecting weak investor sentiment, South Korean markets also opened with a plunge of more than 8% that day, and the KOSPI briefly fell to the 4,900 level.

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