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S. Korea to take immediate action against any turbulence in market

All News 09:47 July 05, 2017

SEJONG, July 5 (Yonhap) -- South Korea said Wednesday that it will take swift and firm action against any turbulence in the local financial market over North Korea's test of an intercontinental ballistic missile.

On Tuesday, North Korea claimed it successfully carried out its first intercontinental ballistic missile test as it is pushing to build a nuclear-tipped missile capable of hitting the United States.

The Ministry of Strategy and Finance, the Financial Services Commission, the Bank of Korea and relevant agencies held an emergency meeting in Seoul to discuss ways to deal with the potential impact of the latest North Korean provocation.

The government will strengthen around-the-clock monitoring of the market and take immediate action in accordance with its established contingency plan, according to the finance ministry.

There was no direct impact on the local stock and foreign exchange markets following news about the North's missile launch.

"But we will not let our guard down as the North Korean risks emerged amid rising external uncertainties, such as thorny trade issues," the finance ministry said in a release.

The benchmark KOSPI started 3.51 points, or 0.15 percent, lower at 2,377.01 points at 9:00 a.m., with the Korean won losing ground at 1,152 won against the U.S. dollar.


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