Financial authorities to convene emergency meeting on market uncertainty

South Korea's financial regulator will hold an emergency meeting early this week to check the local market situations currently facing increased uncertainties such as the high-profile scandal involving a confidante of President Park Geun-hye that has roiled the country for weeks and the upcoming U.S. presidential election, industry sources said Sunday.

Yim Jong-yong, the nominee to become South Korea's new finance minister, and high-ranking officials from the Financial Services Commission (FSC) and the Financial Supervisory Services (FSS) as well as from related associations such as the Korea Exchange, will attend the meeting on Monday, the sources said.

The country's stock market has been rocked by political uncertainties.

At home, President Park has been under pressure to step down amid the influence-peddling scandal involving her confidante Choi Soon-sil and some presidential aides that has sent Park's approval rating to a record low.

Also, market players are paying attention to the results of the U.S. presidential election slated for Nov. 8 amid concerns that Republican Donald Trump's victory, which can bring a seismic change in the global economy.

The country's benchmark index, the KOSPI, finished at 1,982.02 points on Friday, down 0.09 percent from the previous session's close, flirting with the lowest level since July.

Last week, U.S. stocks closed lower with Europe's key stock markets also suffering a retreat out of concerns over Trump's potential win.

Yonhap

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