File pic: A currency trader works near the screens showing the Korea Composite Stock Price Index (KOSPI) (AP Photo/Ahn Young-joon)
SEOUL: South Korean financial authorities say the recent stock market plunge was excessive, given economic fundamentals, vowing to enhance market monitoring and swiftly implement a policy fund to strengthen valuation of local companies.
The message was released during an inter-agency meeting among chiefs of the Financial Services Commission (FSC), Financial Supervisory Service (FSS) and the Korea Exchange (KRX), as well as market experts and relevant institutions, in Seoul, in response to steep losses incurred in the local stock market.
