South Korea's foreign exchange authorities have predicted that the sudden cancellation of the U.S.-North Korea summit will have limited impact on the financial market. 

The Bank of Korea(BOK) held an emergency meeting on Friday morning to check the impact of the canceled summit on the local financial market.

Yoon Myun-shik, the bank's senior deputy governor, who chaired the meeting, said that the impact of the cancellation on the market will be limited, citing the U.S. market dropped after Trump's announcement, but recovered most of the losses.

He said given that foreigners are more sensitive to geopolitical risks on the Korean Peninsula, the canceled summit will have some effects on the local financial market, but they would not be big enough to require measures from the central bank. 

U.S. President Donald Trump scrapped a planned summit with North Korean leader Kim Jong-un on Thursday, citing the North's "tremendous anger and open hostility."