The South Korean financial market is likely to be influenced by the referendum on a possible U.K. exit from the European Union(EU), beginning early Friday morning, South Korean time, when the vote counting process begins.

The Korea Center for International Finance(KCIF) said Thursday that Britons will finish casting their votes on the so-called Brexit by around 6 a.m. Friday, South Korean time, and its result will be announced at 3 p.m. later in the day.

However, the center said that public polls and the results at individual constituencies will be continuously announced beginning at 8 a.m. and these results will influence the South Korean brokerage and foreign exchange markets when they open on Friday morning.

The center said 8:30 a.m. will be a crucial time for the local financial market, because the results of votes in major constituencies, such as Sunderland, will be announced then.

South Korean authorities expect if Britain does leave the EU, the local financial market will become unstable, with foreign capitals being flooded out of the country and the won-dollar exchange rate rising.

Local foreign exchange authorities have been monitoring the foreign exchange market and plan to immediately convene a macroeconomic financial meeting if results show that a Brexit is deemed likely.