South Korea's National Pension Fund Buys 113.5 Billion Won as KOSPI Tumbles Over 10% on July 28

According to the Korea Exchange, as the KOSPI index dropped over 10% on July 28, South Korea's National Pension Fund and related entities made net purchases of 113.5 billion won on the day. Throughout July 1-28, these pension funds accumulated net purchases totaling 105 billion won despite market volatility that saw the index decline more than 2,400 points.

Kim Sung-joo, head of the National Pension Service, denied allegations that the fund had supported stock prices ahead of local elections in June, stating the fund maintains long-term investment principles regardless of market fluctuations. He attributed the fund's holdings growth to index appreciation rather than deliberate market intervention.