South Korea is pushing to ease or lift the current daily limit imposed on stock price movements as part of efforts to stimulate the country's stock market, a local media report said Wednesday.

According to the daily JoongAng Ilbo, who cited sources from financial authorities, the government is pushing to phase out the 15 percent daily limit in stock price fluctuations. It said the government could announce its position later this month or in August in a meeting chaired by President Park Geun-hye.

The government "has always been considering" the option to phase out the daily limit on stock price, a government official told Yonhap News Agency when asked about the report, adding that nothing has been decided on the matter.

The daily limit has been cited as a main factor holding back the country's stock market, but some industry experts worry that removing the limit may result in excessive market swings.

Previously in 2012, the Korea Exchange, the operator of the country's main bourse, had floated the idea but later withdrew it. (Yonhap)