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The Seoul Stock Exchange recorded a historic rise today, supported by massive foreign investments. Foreign investors injected a net investment of <strong>1.3 trillion won</strong>, contributing to a market gain of <strong>52%</strong> since the beginning of the year.
Economic forecasts suggest that the <strong>Korean won</strong> may experience a significant recovery in the second quarter of this year, returning to levels seen before the U.S.-Iran war. This anticipated recovery is attributed to declining oil prices and increased foreign investment in the Korean stock market.
South Korean President <strong>Lee Jae-myung</strong> emphasized the need for the country to accept a certain level of risk in importing crude oil from the Middle East due to threats facing the <strong>Hormuz Strait</strong>. He pointed out that a reduction in shipments could severely impact South Korea's oil supplies.
The South Korean Ministry of Finance announced a significant increase in the national debt, surpassing 1,300 trillion won, equivalent to $861.2 billion. This rise raises concerns about the country's financial sustainability as the debt-to-GDP ratio approaches 50%.
Kim Sung-jo, head of South Korea's largest pension fund, stated that the recent decline of the Korean won against the US dollar during market turmoil may necessitate immediate actions for stabilization. This was mentioned during an interview in Seoul.
South Korean President <strong>Lee Jae-myung</strong> urged the National Assembly to expedite the approval of a supplementary budget to tackle the economic fallout from the ongoing war in the Middle East. He emphasized the need for extraordinary measures to stabilize the economy.
Shin Hyung-sung, the candidate for the position of Governor of the Bank of Korea, emphasized the need for a flexible monetary policy to tackle the increasing risks stemming from the ongoing war in Iran. This statement was made during a press conference where he highlighted the government's plan for an additional budget to support low-income families affected by the crisis.
South Korean stocks fell by 3% on Monday, with the Kospi index closing down by 161.57 points at 5,277.30. The won also depreciated by 0.5%, reaching 1,518.7 won per dollar, marking its lowest level since March 2009 amid rising geopolitical tensions.
The Bank of Korea reported that the country's financial system remains stable overall, but warned that escalating tensions in the Middle East and structural weaknesses could increase risks in financial markets.