Seoul Mayor Oh Se-hoon sharply criticized the South Korean government on November 8, 2026, labeling the national stock market a giant gambling den following a steep plunge in the KOSPI index and demanding a direct apology from President Lee Jae Myung for individual investors facing severe financial damage.
Trading Halts Surge Following Local Elections
The public rebuke follows a tumultuous period for local equities that saw market safeguards triggered repeatedly. According to reporting from chosun.com, the securities market tripped its circuit breaker 11 times this year, with a heavy concentration of those halts occurring after the June 3 local elections. Market stress reached a peak on November 6 when trading halted at 9:03 a.m.—just three minutes after the opening bell—as the KOSPI tumbled 8.52% to settle at 4,924.61.
Mayor Oh pointed directly to government policy decisions preceding the June vote, questioning whether the post-election crash was merely a coincidence. He asserted that the administration pushed the National Pension Service to lift its domestic stock target ratio from 14.9% to 20.8% on May 28, effectively using citizens’ retirement funds to artificially prop up valuations. chosun.com noted that just a week prior to the elections on May 27, regulators authorized financial products designed to double the daily price fluctuations of heavyweight firms Samsung Electronics and SK Hynix.
Retirement Savings and the Demand for Accountability
Middle-aged and elderly citizens have watched their retirement accounts shrink, while younger demographics have seen savings intended for weddings and home purchases wiped out by all-in investments driven by what the Seoul mayor termed a government-led illusion of rising stock prices.
Here is why that matters for the current administration:
| Date | Event / Policy Action | Market Impact |
|---|---|---|
| May 27, 2026 | Government permits double-leverage products for Samsung Electronics and SK Hynix. | Amplified high-risk speculative bets ahead of local elections. |
| May 28, 2026 | National Pension Service domestic stock target raised to 20.8%. | Pension funds utilized as market support seed money. |
| June 3, 2026 | Local elections take place amidst soaring stock prices. | Preceded a sharp, sustained downturn in the KOSPI. |
| November 6, 2026 | Circuit breaker triggered at 9:03 a.m. | KOSPI plummets 8.52% to 4,924.61, marking the 11th halt of the year. |
Targeting President Lee directly, Mayor Oh argued that leadership should focus on concrete remedial measures rather than casual interactions on YouTube channels discussing social media habits or sleep schedules. The demand calls for an unequivocal apology to retail investors and transparent plans to stem the widening financial losses across the country.
