The government has assessed volatility in the global stock market is likely to continue for the time being after crashes in the U.S. and European markets. 

The government held an emergency meeting with economy-related ministries and organizations on Friday after the nation's main bourse's benchmark KOSPI closed below the two-thousand mark the previous day, marking a two-year low. 

In the meeting chaired by Vice Finance Minister Lee Ho-seung, the participants assessed that concerns about a possible slowdown in the global economy and negative news on major tech shares led to the recent crashes. 

The government said uncertainties over a trade war between the U.S. and China also worsened investor sentiment, which in turn weighed on global stock markets.

The government, however, said the South Korean financial market has shown signs of relative stability, with foreign capital flowing in. It pledged to minimize any negative side effects that major risk factors at home and abroad could have on the local economy and financial markets, and take active measures in case of financial volatility.