Finance Minister Choi Sang-mok said Wednesday the South Korean government will stay vigilant against heightened tensions in the Middle East following Iran's massive missile attack on Israel, vowing to enhance market monitoring and devise responses.

Iran fired a barrage of around 180 ballistic missiles at Israel on Tuesday (local time), in what Tehran said was retaliation for the recent killings of top Hezbollah and Hamas officials, according to foreign media reports.

Israeli Prime Minister Benjamin Netanyahu said Iran made "a big mistake" and "will pay for it." No serious injuries have been reported.

"The incident has heightened tensions in the Middle Eastern region and has raised the volatility in the global financial market and global oil prices," Choi said during an economy-related ministers' meeting.

"The government will thoroughly check its potential impact on our financial market and the real economy with extra alertness, and will react swiftly, if needed, in cooperation with relevant agencies."

The government on Wednesday held an emergency meeting with relevant agencies to check the impact of the incident on the market.

"The impact of the case on oil supplies, exports, imports and supply chains has been limited," First Vice Finance Minister Kim Beom-seok said.

"Given still-high military tensions, the government will open all possibilities regarding the developments and strengthen the monitoring and responses," he said, stressing "prompt and bold responses" to excessive market volatility based on contingency plans.

The Korea Composite Stock Price Index (KOSPI) traded 0.49 percent lower as of 11:20 a.m. (Yonhap)