Photo: Lee Jae-myung pledges "KOSPI 5,000 Era" on the campaign trail. Credit: Democratic Party of Korea.
In the two days after President Lee Jae-myung 이재명 대통령 took office on June 4, the KOSPI jumped by 4.2% in a “Lee Jae-myung Rally,” making Lee the first president since Lee Myung-bak 이명박 in 2008 to see a gain in South Korea’s main stock index on the day of his inauguration. The rally was driven largely by international investors, who pumped KRW 2.2t (USD 1.6b) into the South Korean stock market over two days now that the uncertainty in the wake of Yoon Suk-yeol 윤석열’s self-coup attempt has cleared.
At market close on June 5, the KOSPI index stood at 2,812.05. Lee made “KOSPI 5,000 Era 코스피 5천 시대” a campaign pledge, promising to strengthen shareholder rights and lower taxes on dividend income. In an interview shortly before the election, Lee said he would pass his proposed amendments to the Commercial Act 상법 implementing these changes within “two or three weeks” of his inauguration.