FSS chief urges foreign financial companies to join efforts to invigorate market

▲ Financial Supervisory Service Gov. Lee Chan-jin (Yonhap)

financial watchdog-foreign financial firms

FSS chief urges foreign financial companies to join efforts to invigorate market

SEOUL, Feb. 25 (Yonhap) -- The chief of South Korea's financial watchdog said Wednesday that foreign financial companies operating here are urged to support efforts to vitalize the local financial markets.

In a meeting with the heads of 10 foreign financial firms here, Lee Chan-jin, governor of the Financial Supervisory Service (FSS), said the local stock market is experiencing a historic bull run, which has been backed by policy initiatives and the market's potential.

The country's stock index briefly topped the 6,000-point level to set a fresh record high earlier in the day, just about one month after reaching the 5,000 threshold.

"Financial authorities are working hard to create an environment for productive finance and implement innovative steps, namely measures for inclusion in the Morgan Stanley Capital International (MSCI) index, to vitalize the capital market," Lee said.

Last month, the Seoul government announced a comprehensive road map aimed at securing South Korea's inclusion in the developed market index, including a plan to operate the country's foreign exchange (FX) market on a 24-hour basis.

The plan represents the government's latest effort to address the "Korea discount," under which local shares trade at valuations below their fundamentals, and to position South Korea as an attractive investment destination.

The FSS chief also stressed the need for foreign financial companies to enhance their efforts for consumer protection.

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