Buoyed by sizzling stock and housing prices and high expectations for the new government vowing aggressive fiscal spending to bolster hiring and income, South Korean consumer confidence climbed up for the fifth straight month in June to hit the highest in six years and five months.

According to the Bank of Korea (BOK) on Tuesday, the nation’s composite consumer sentiment index (CCSI) for June reached 111.1, up 3.1 percentage points from the previous month and the highest since 111.4 in January 2011. A reading over 100 indicates that consumers are more positive than negative about the economy.

Korean consumer sentiment had stayed decisively depressed since 2014, sinking to 93.3 in January amid political and social unrest following the legislative impeachment of former president Park Geun-hye.

Consumer mood picked up amid signs of recovery led by exports and political stability after the presidential election in May that normalized state administration. Korean stocks have been hovering at historic highs due to stellar performance in exports. The Korean composite stock price index closed Tuesday at a fresh record-high of 2,391.95, up 3.29 points from the previous finish.

The survey for this month was conducted from June 13 to June 20 on 2,200 households across the country, of which 2,029 households responded.

By Boo Jang-won

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]