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S Korean President Chairs Meeting to Assess Mideast Situation, Stresses Active Response to Stock/ FX Mkt Volatility
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South Korean President Lee Jae Myung chaired an emergency cabinet meeting to assess the repercussion of the Middle East situation on the South Korean economy and discuss response plans. He accentuated the need to actively address the heightened volatility in financial markets such as the stock and forex markets, having instructed relevant departments to implement a KRW100 trillion (approximately USD68.3 billion) market stabilization measure as soon as possible to alleviate concerns in the capital market. Today (5th), the South Korean stock market bounced back forcefully, with the KOSPI leaping by 12% at one point, triggering a circuit breaker, and closing up 9.63% at 5,583.9. AASTOCKS Financial News Website: www.aastocks.com |
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