After KOSPI Plunge, Ahn Cheol-soo Criticizes President: "Go Live Immediately and Announce Measures"

Ahn Cheol-soo: “What exactly did the government prepare for?”
Again calls for announcement of “emergency economic measures”

Following a landslide victory by the U.S. Democratic Party in the midterm elections, dubbed the “blue wave,” which sent shockwaves through U.S. stock markets, the KOSPI has plunged for two consecutive days. In response, Rep. Ahn Cheol-soo of the People Power Party urged President Lee Jae-myung on the 6th to “go live immediately, even if it’s an emergency livestream, and announce emergency economic measures.”

On May 29 last year, Lee Jae-myung, the Democratic Party of Korea’s presidential candidate at the time, performed a show of economic recovery by holding up a sign reading “The KOSPI 5,000 Era” at a campaign rally for Seocho-gu and Gangnam-gu in front of the Express Bus Terminal in Seocho-gu, Seoul. Yonhap News.

On the same day, Rep. Ahn posted a message on Facebook titled “KOSPI Falls Below 5,000 Amid U.S. Blue Tsunami; President Lee Should Go Live Immediately and Announce Measures,” saying, “The aftershocks of the U.S. midterm elections are hitting the South Korean economy hard.”

“I’m making this demand of President Lee, who says communication is a lifeline,” he said. “You said social media was so important and that you were even considering unscheduled live broadcasts from your office, so I hope you’ll go live immediately today and announce emergency economic measures.”

“Aftershocks of U.S. Midterm Elections... Emergency for Semiconductor Industry”

Rep. Ahn said, “Yesterday, the Nasdaq plunged 5.52% and the Philadelphia Semiconductor Index fell 12%. Today, the KOSPI fell below even the 5,000 mark shortly after the market opened, triggering a circuit breaker.” He added, “Concerns are mounting that Democratic control of both the House and Senate will lead to regulations on AI data centers and a pullback in investment. Just as concerns were growing about a bubble in AI investment funded by massive borrowing, this was like striking a child who was about to cry.”

He continued, “The bigger problem is that our semiconductor industry is facing an emergency,” adding, “If the semiconductor industry collapses while we are negotiating with the United States, uncertainty could also grow around key issues between South Korea and the United States, including the introduction of nuclear-powered submarines.” He then asked, “Were the timing and outcome of the U.S. election not foreseeable factors? What exactly did the government prepare for?” and “Did it take any action beyond saying it would ‘continue monitoring’?”

Rep. Ahn also strongly criticized a personal YouTube video by President Lee that was released as the stock market was plunging. “At this grave moment, as if timed to coincide with it, President Lee’s personal YouTube video was released, whether it was Y or Z,” he said. “President Lee cited ‘the very rapid improvement in the economic situation’ as the thing that made him happiest, and, while talking about his stamina and skin, cheerfully said, ‘I sleep well, so don’t worry,’ making remarks that were completely out of touch with reality.”

Rep. Ahn further asked, “Did he mistake the people’s accounts, turned blue with worry, for a green light for the economy?” He criticized the president, saying, “People can’t sleep because they worry about home prices rising day by day and stocks falling day by day. Is this something the president of our country should say?” He again called on President Lee to immediately announce emergency economic measures.

“Black Friday”... KOSPI Plunges More Than 6%, Closes Barely Above 5,000

The KOSPI plunged more than 6% that day, closing just above the 5,000 mark. According to the Korea Exchange, the KOSPI ended the session at 5,059.69, down 324.11 points, or 6.02%, from the previous trading day.

The index opened at 5,263.26, down 120.54 points, or 2.24%, from the previous session, then tumbled to as low as 4,911.28, a decline of 8.78%, shortly after the market opened. The index fell below the 5,000 mark during trading for the first time in nine months, since February 6.

At around 9:03 a.m., a Level 1 circuit breaker was triggered on the KOSPI market, halting trading for 20 minutes. The index continued to slide after the circuit breaker was lifted, and a sell-sidecar was triggered on the KOSPI market at around 9:34 a.m.

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