April 25, 2024

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Korea’s consumer sentiment rose for the third straight month to hit a five-month high in February on a recent rebound in the local stock market and improving US-North Korea relations, a central bank poll showed on Feb. 26.

The composite consumer sentiment index for this month stood at 99.5, up 2.0 points from a month earlier, according to the Bank of Korea. A reading below the long-term average of 100 means pessimists outnumber optimists.

It is the highest number since September, when the index stood at 100. 

The BOK said Koreans have become more optimistic this month on the back of frequent news about the upbeat stock market and hopes for inter-Korean economic exchanges following the upcoming Trump-Kim summit.

The index measuring people’s sentiment regarding current economic conditions, one of the key components of the index, rose five points to 70 in February. Their assessment of overall economic conditions for the next six months increased four points to 80.

The BOK monthly index for February was based on a survey of 2,307 households throughout the country and was conducted from Feb. 11-18.

By Ram Garikipati and newswires (ram@heraldcorp.com)