South Korea's four economic and financial chiefs assessed that stock markets in South Korea and other parts of Asia have overreacted after shares tumbled on Wall Street amid concerns over an economic slump.

Such assessment was brought up on Tuesday at a meeting between Finance Minister Choi Sang-mok, Bank of Korea(BOK) Governor Rhee Chang-yong and heads of financial watchdogs to check up on financial market trends at home and abroad.

The participants cited economic concerns following weak U.S. employment data from July, worrisome performance by major tech companies and aggravated unrest in the Middle East as factors that led to plunging shares in the U.S. at the end of last week.

However, they said the response from Asia, including South Korea, on Monday came in a rather excessive manner, without a sufficient evaluation of the situation on Wall Street, as markets in Asia opened earlier.

The finance minister said the domestic economy is gradually showing a recovery trend with favorable signs in both foreign exchange and capital markets, adding that the government and the BOK have sufficient policy response capability against market variability from external shocks.

He then urged market participants to take heed of excessive market anxiety, while engaging in calm and reasonable decision making.