President Yoon Suk Yeol on Tuesday instructed the government to take swift and preemptive responses to heightened volatility in the financial market, his office said, refuting opposition criticisms over his vacationing despite a recent market rout.

South Korean stocks suffered the worst sell-off since late 2008 on Monday, along with its global peers, on growing fears over an economic recession in the United States, before rising more than 3 percent Tuesday.

The benchmark Korea Composite Stock Price Index gained 80.6 points, or 3.3 percent, to close at 2,522.15 on Tuesday, a turnaround from the 8.77 percent crash the previous session.

"While on vacation, Yoon watched the global stock market rout on Monday and ordered officials to take measures in a swift manner," the presidential office said in a release.

Yoon is currently on his summer vacation and traveling to regional areas.

He also called for close and preemptive policy coordination among relevant institutions, and the presidential office activated a joint round-the-clock monitoring system, given rising concerns about the US economic downturn and geopolitical risks surrounding the Middle East, it added.

Earlier in the day, the South Korean financial authorities said they are ready to take action against recent market jitters, stressing that the country maintains sound economic fundamentals.

The main opposition Democratic Party has lashed out at Yoon and his office for doing nothing to ease the financial market.

"Yoon and the presidential office seem to be far from alert. Yoon went on vacation even in such an emergency situation," Rep. Jin Sung-Joon, the DP's policy chief, said.

"The president should direct the emergency response system," as the stock market lost 330 trillion won ($239.25 billion) in market capitalization over the past two trading sessions and 140 small investors are in jeopardy, Jin said. (Yonhap)