HAN KEI-GWAN APOLOGIZES FOR LAUNCHING A SINGLE STOCK LEVERAGE ETF WITHOUT CAREFUL CONSIDERATION

ON WEDNESDAY, 29 JULY, LOCAL TIME, AFTER TWO CONSECUTIVE DAYS OF COLLAPSE OF THE KOREAN STOCK, FACED WITH AN APOLOGY FROM A MEMBER OF PARLIAMENT, THE SOUTH KOREAN FINANCE MINISTER, YUN CHUL, EXPRESSED HIS APOLOGIES FOR LAUNCHING A SINGLE STOCK LEVERAGE ETF WITHOUT CAREFUL CONSIDERATION. IN A PREVIOUS ADDRESS TO CONGRESS AFTER THE EARLY LAUNCH OF KOREA ' S KOSPI INDEX HAD FALLEN BY MORE THAN 6 PER CENT, HE SAID THAT IT WAS POSSIBLE FOR THE GOVERNMENT TO STUDY MARKET STABILIZATION MEASURES INTERNALLY AND TO FURTHER ADJUST THE PROVISIONS OF THE SINGLE-STOCK LEVERAGE ETF TO COPE WITH MARKET VOLATILITY. KOREA’S KOSPI INDEX EXPERIENCED A TUMULTUOUS DAY ON WEDNESDAY, WHEN IT FELL BY 12 PER CENT, AND THEN GRADUALLY NARROWED TO ABOUT 6 PER CENT; THE WEIGHT SHARE OF SK HAIRES FELL THE MOST FROM 17 PER CENT TO 8 PER CENT A DAY. KIM XIAN