UPDATE 1-S.Korea's Yoon calls for sense of urgency in cushioning economic shocks

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SEOUL, Sept 30 (Reuters) - South Korean President Yoon Suk-yeol on Friday called for more sense of urgency in dealing with heightened volatility in financial markets and promised to take contingency measures in a timely manner.

"We have built a stronger breakwater than in the past in terms of external soundness and already implemented market stabilising measures, but it is time to deal with the situation with a sense of more urgency," Yoon said at the beginning of a meeting.

It was the third such meeting to review economic and financial conditions since he took office in early May, which a central bank official and executives from several top companies also attended, according to the presidential office.

South Korea's won currency has lost 17% of its value against the U.S. dollar this year while its main share index has slumped 27%. (Reporting by Choonsik Yoo; Editing by Kim Coghill)