Finance minister: 'ready to take measures to stabilize stock market'

The government is keeping close tabs on the local stock market, which has suffered a sharp decline in the past few sessions, the country's chief economic policymaker said Tuesday, adding that the authorities are ready to take steps to help boost market sentiment.

South Korean stocks fell 1.5 percent on Monday to hit their lowest point in 23 months on heavy sell-offs by foreign investors, extending the bourse's sharp slump into a fifth session.

The Financial Services Commission (FSC) said Monday it is ready to stabilize the market by mobilizing funds to buy undervalued stocks.

As of 9:20 a.m., the country's benchmark stock index, the KOSPI, was down 2.11 points, or 0.11 percent to 1993.93.

The index had shed 18 percent so far this year and suffered a decline of more than 10 percent in the past month.

"The financial markets, including the stock markets, seem to be gripped by uncertainties and instability," Finance Minister Kim Dong-yeon told reporters after attending a forum. "We are paying keen attention to the developments (on the stock market), and are ready to roll out measures should the market rout continue." (Yonhap)