President Yoon Suk Yeol has pledged to ban stock short-selling until measures for fundamental improvements are devised.

Presiding over a Cabinet meeting on Tuesday, Yoon said the temporary ban was put in place last week to prevent illegal market disruptions and protect the domestic stock market as well as around 14 million individual investors.

Addressing concerns that the ban could hinder the nation's push to be included on Morgan Stanley Capital International's developed market index, Yoon contended that further neglect of illegal short-selling would cause greater damage to investors while jeopardizing trust in the market.

The president urged state financial regulators to put forth measures to root out such illegal practices and to protect retail investors.

Yoon also called on the National Assembly to promptly pass livelihood bills, mentioning one tabled in March aimed at refurbishing aging planned cities in the capital area.