The South Korean government vowed to take stern measures to stabilize financial markets should volatility expand "abnormally."

At a meeting with officials on Friday, First Vice Finance Minister Kim Yong-beom assessed that volatility may expand for some time, citing plunging shares last week and a significant amount of net selling by foreign investors amid the COVID-19 outbreak.

Stating that the government is monitoring market situations around-the-clock in close coordination with related agencies, Kim said Seoul will respond to abnormal volatility expansion according to its contingency plan.

The minister forecast the impact from the epidemic to be significantly reflected in key indices for February, as the faster-than-expected spread of the epidemic forced economic activities and sentiments to contract.

Issuing an apology for a prolonged supply shortage of protective masks in the country, Kim said the government will mobilize all administrative means to ensure people can purchase them at reasonable prices.