South Korean financial markets rocked in synchronized response to the surprise victory of Donald Trump in the U.S. presidential election, sending the government and central bank authorities scurrying to study emergency stabilization actions.

The main Korean Composite Stock Price Index (Kospi) fell 2.25 percent or 45 points from the previous session, closing at 1,958.38 points Wednesday. The secondary Korea Securities Dealers Automated Quotation (Kosdaq) bourse once plunged almost 6 percent before finishing down 3.92 percent or 24.45 to 599.74. The dollar went up 1.06 percent or 12 won to 1,149 won.

Deputy prime minister for economy Yoo Il-ho commanded extra vigilance saying the shock from global markets would be inevitable. “The economy is in critical period with the added uncertainty” from Trump’s victory, he said.

The outcome of the U.S. presidential election adds woes to the Korean markets with investment sentiment at the bottom due to escalating political risks with leadership in limbo because the president faces criminal investigation for unprecedented influence-peddling scandal while politicians are wrangling over naming the new cabinet head to take in charge of state affairs on her behalf. There is also no clear head on economic policy as Yim Jong-yong, the deputy prime minister on economy appointed by prime minister nominee, cannot assume position after the president withdrew the nomination of her prime ministerial choice.

Bank of Korea Governor Lee Ju-yeol said the central bank and government were keeping close watch on the markets and will “aggressively” come up with stabilization actions if jitters escalate in domestic capital and foreign exchange markets.

The Kospi market rallied in the morning starting at 2,008.08 points, up 0.23 percent or 4.70 points from the previous day on the assumption that Democratic nominee Hillary Clinton would clinch a comfortable victory. However it started to tumble around 11 a.m. on the news that Trump was ahead of Clinton in the key swing states of Ohio and Florida. The U.S. dollar also has been on a rollercoaster ride, starting down by 5 won from the previous day but swung up with the increasing odds of Trump’s victory.

The markets at home and abroad have been spooked by the surprising lead of Trump as investors fret about the changes on the global order if he acts out the nationalistic agendas he had pledged on the campaign trail.

Trump himself boasted that his triumph would send unrivalled shockwave to the international market than the British decision to leave the European Union. Citigroup in September analyzed that the Morgan Stanley Capital International (MSCI) emerging market index would retreat by more than 10 percent if Trump wins.

By Han Ye-kyung

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