South Korean Finance Minister Apologizes for Hasty Launch of Leveraged Single Stock ETF

BlockBeats News, July 29, Wednesday local time, after the South Korean stock market experienced two consecutive days of circuit breakers, Finance Minister Hong Nam-ki faced a lawmaker's apology request and expressed regret for launching a single-stock leveraged ETF without careful consideration.

Earlier, after the South Korean KOSPI index fell over 6% in the morning trading session, Hong Nam-ki stated during a parliamentary speech that the government is internally studying market stability measures, and it is possible to further adjust the regulations related to single-stock leveraged ETFs to address market volatility.

The South Korean KOSPI index experienced a turbulent day on Wednesday, plummeting by as much as 12% intraday, before gradually narrowing to about 6%; heavyweight stock SK Hynix hit a record single-day decline of 17% post-earnings, with the current decline narrowing to around 8%. (FX Street)