Financial authorities in South Korea are expected to enforce additional stabilization measures as shares continue to nosedive despite a short-selling ban.

Some contingency measures under review on Tuesday are reducing trading hours from the current 9:00 a.m. to 3:30 p.m. system, as well as the amount of daily fluctuation from plus or minus 30 percent.

An official at the Financial Services Commission(FSC), however, said while various measures are being considered, the reduction of trading hours and daily fluctuation are last resorts.

Prioritized courses of action include stock institutions setting up a market stabilization fund, similar to a 515-billion-won fund following the 2008 global financial crisis.

Another option is to grant tax exemptions for investors of long-term stock funds.

On Friday, the FSC issued a temporary ban on stock short-selling affecting all listed firms for six months and raised the ceiling on local firms repurchasing their own shares amid a market rout triggered by the new coronavirus pandemic.