"National normalization is making gradual progress in stocks, real estate, and other areas"

Lee Jae Myung said on the 26th, "South Korea must move from the so-called Korea discount, where we are undervalued compared with any other country, toward a Korea Premium." He added, "Just as the normalization of the capital market, which once seemed impossible, is becoming a reality, dismantling the ruinous real estate republic is also by no means an insurmountable task."
Presiding over a Senior Presidential Aides Meeting at Cheong Wa Dae that day, Lee stated, "National normalization is making gradual progress in every area of our society. The capital market as well is on the path to normalization."
Lee noted, "At one time, our assets were undervalued under the label of a Korea discount, but they are now gradually returning to normal and have improved significantly." He stressed, "What our government must do is normalize what is abnormal, and then go beyond normalization to build a better South Korea."
In particular, Lee assessed that the capital market is escaping its abnormal state as opaque and irrational elements are gradually being corrected. He went on, "Yesterday, an amendment to the Commercial Act that makes the cancellation of treasury shares mandatory passed the National Assembly," and said, "If additional institutional reforms, such as a law to prevent stock price suppression, are put in place, this trend toward normalization is likely to grow even stronger." The Korea Composite Stock Price Index (KOSPI), which closed above the 6,000 mark on the 25th, continued its upward trend that day and climbed past 6,300.
Pointing to the recent signs of normalization in the capital market, Lee also emphasized that the real estate problem can be resolved. He said, "In fact, housing prices in Seoul are showing a considerable decline," adding, "The number of homes for sale is visibly increasing, and the rate of increase in jeonse rental prices is also slowing. We must now further accelerate the irreversible trend of a great capital shift toward productive finance." He continued, "We must normalize the abnormal real estate market and move decisively toward an economy for all that brings tangible improvements to people’s lives."
North Korea was also mentioned during the meeting. Lee said, "Over lunch, when I spoke with members of the press, there were quite a few questions about the latest statement released by North Korea," and added, "The values we must pursue are peace and stability. We must put a definitive end to the past, when we were racing toward confrontation and war."
cjk@fnnews.com Reporter Choi Jong-geun and Reporter Seong Seok-woo