Financial authorities are likely to reactivate a stock market stabilization fund in a couple of weeks to address growing market woes stemming from rising uncertainties abroad.

According to the financial industry on Tuesday, the Financial Services Commission is holding consultations with related agencies on building the fund with a value of around ten trillion won.

The financial industry said the amount includes 120 billion won left over from a previous stabilization fund created in 2020 and 760 billion won that will be raised by the Korea Exchange and the Korea Securities Depository.

An official from a financial agency said authorities are gearing up to amass the amount within the month in order to inject such stabilization funds should the stock market's performance worsen.

A stock market stabilization fund is raised by securities firms and banks along with other related agencies to stabilize the market when stock prices plunge and investment sentiment drastically contracts.