National Pension Service Chair Kim Sung-ju noted that, regarding the recent controversy over the National Pension Service's portfolio rebalancing tied to the domestic stock market, people are blaming the National Pension Service for market volatility even though its share of the domestic market capitalization is at the 6%–7% level.

Kim Sung-ju, chair of the National Pension Service, speaks during a roundtable on reviving Homeplus Co. hosted by the Democratic Party of Korea at the National Assembly Members' Office Building in Yeouido, Seoul, on the 9th./Courtesy of News1.

On the 16th, Kim stated accordingly via personal social media, disclosing the results of an analysis of 528 related articles from major media—including comprehensive dailies, daily newspapers, and newswires—from June 25 to July 14.

Kim argued that the media's interpretation of rebalancing changed over time. Before rebalancing resumed, there were many reports expressing concern about the possibility of large-scale selling by the National Pension Service, and afterward, assessments followed that said there was "no selling bomb." Recently, Kim added, there have been more reports suggesting that the National Pension Service did not rebalance and instead provided foreigners with opportunities to take profits.

Kim said, "Experts commonly cite the semiconductor cycle and the geopolitical risk stemming from U.S.-Iran tensions as the main drivers of increased domestic market volatility," adding, "nevertheless, domestic media are concentrating on National Pension Service rebalancing as the cause of that volatility."

Kim also argued that the market influence of the National Pension Service is being overestimated. Kim explained, "While the National Pension Service accounts for 6%–7% of domestic market capitalization, the foreign ownership share reached about 40% as of the end of June," adding, "by transaction value, foreigners accounted for 35% and individuals for 41%, and combining the trading shares of foreigners and individuals in 2024–2025 exceeds 80%."

Kim added, "Rather than chasing the day-to-day moves in the market, if the focus is placed more on industry trends and the performance of corporations, the public will be less swayed by market swings and be able to adopt a more stable, long-term investment perspective."

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