Financial Services Commission(FSC) Chairman Choi Jong-ku told reporters Tuesday he will do everything possible to bolster the nation's nose diving stock market. 

Choi describes the recent plunge in stocks as unreasonable, given the nation's economic fundamentals and says the government is closely monitoring market trends and will activate a contingency plan if necessary.

The commission announced a plan a day earlier to stabilize financial markets with a 500-billion-won fund.

In an emergency meeting with senior FSC officials Tuesday morning, Choi drew a distinction between present market conditions and the 2008 financial crisis, when foreign exchange and short-term capital markets were unstable.