The ruling and opposition parties reacted differently to the KOSPI index breaking through 9,000 points. The Democratic Party of Korea said that amendments to the Commercial Act centered on directors' duty of loyalty to shareholders helped invigorate the stock market. In contrast, the People Power Party noted that a concentration effect stemming from the semiconductor boom is occurring and pointed out that more stocks fell.
Jung Chung-rae, the Democratic Party leader, said at the Supreme Council meeting at the National Assembly on the 19th, "In just one year since the administration took office, we have written a new chapter in Korea's capital markets. The KOSPI is currently at 9,200," adding, "I believe the results of amending the Commercial Act to make capital markets more transparent contributed to this."
He went on, "The government's strong resolve toward normalizing the stock market, and the ceaseless efforts of our proud corporations, have boosted confidence in the market," adding, "Thanks to President Lee Jae-myung's outstanding crisis-management capability, the KOSPI market was able to grow stably."
The People Power Party pointed out that although the KOSPI index rose, as many as 791 stocks declined. The thrust is that instead of patting itself on the back over the KOSPI's rise, the government should look after corporations and investors being left behind.
Jeong Jeom-sik, the People Power Party floor leader, said at a policy meeting at the National Assembly that day, "We must humbly heed the remark that the KOSPI index has become a number that brings deprivation rather than joy," adding, "The KOSPI rose, but only 109 stocks actually went up, 17 were flat, and 791 fell."
He continued, "Through yesterday, sidecars (temporary halts on program trading) were triggered 26 times in the KOSPI market. That is the same annual count as in 2008, when the global financial crisis hit," adding, "An increase in retail investors' borrowing to buy stocks—one factor pushing up the index—is also a risk factor for our economy."