SEOUL - The financial market of the Republic of Korea (ROK) was rattled on Monday after Kim Jong-il, top leader of the Democratic People's Republic of Korea (DPRK) passed away Saturday from a great mental and physical strain.

The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 64.69 points, or 3.52 percent, to trade at 1,775.27 as of 1:18 pm , extending its earlier losses amid lingering concerns over Europe's debt crisis.

"When DPRK's former leader Kim Il-sung died in July 1994, the KOSPI moved in a narrow range of around 10 points before rebounding days later. But Kim Jong-il's death may cause more volatility in the local stock market as uncertainties remained about the handover of power to next leader Kim Jong-un," Kang Hyun-gie, a strategist at Solomon Investment & Securities in Seoul, told Xinhua.

The ROK's won dropped sharply against the US dollar to quote at 1,177.3, down 18.7 won from Friday's close.