NK missile launch has little impact on S. Korean financial market

South Korea said Monday that the latest North Korean missile launch had little impact on its financial market, but it will take swift and firm action against any unexpected developments.

Pyongyang fired the Hwasong-14 shortly before midnight last Friday, following its first successful intercontinental ballistic missile launch on July 4. Defense experts said the latest provocation that drew swift condemnation from the international community demonstrated some technical progress compared to previous test launches.

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 act of aggression.

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 there are some possibilities that the North Korean risks can develop in case of more provocations from Pyongyang and stronger responses by related countries," the finance ministry said in a release.

The benchmark KOSPI started 8.97 points, or 0.37 percent, lower at 2,392.02 points at 9:00 a.m., with the Korean won losing ground at 1,124.4 won against the US dollar. (Yonhap)