Seoul, Sep 23 (IANS) Consumer sentiment rebounded in September as the local stock market showed signs of stabilisation amid sound economic data, the central bank here said on Wednesday.
The composite consumer sentiment index (CCSI) stood at 106.6 this month, up 2.1 points from August, according to a survey by the Bank of Korea (BOK).
A reading above 100 indicates that optimists outnumber pessimists, while a figure below 100 suggests the opposite, reports Yonhap news agency.
“As the stock market reduced its volatile movement, expectations run high that sound economic conditions would improve income,” the BOK said.
The subindex for people’s assessment of current economic conditions came in at 83 in September, up 4 points from a month earlier.
The index for people’s outlook for future economic conditions also rose 1 point to 90 over the same period.
Meanwhile, South Korean stocks trimmed their earlier gains late on Wednesday morning after a strong start, as investors attempted to cash out recent gains.
After opening 1.94 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) added 5.96 points, or 0.08 percent, to 7,023.87 as of 11:20 am.
The KOSPI opened sharply higher, led by gains in tech heavyweights, following the tech-heavy Nasdaq Composite’s back-to-back record closes. The index has risen for the past three consecutive sessions.
Market heavyweights were trading mixed. Top market cap Samsung Electronics rose 1.9 percent, and chip giant SK hynix gained 0.11 percent.
SK Square, the parent company of SK hynix, advanced 2.84 percent, while Samsung Electro-Mechanics, an electronics component affiliate of Samsung Electronics, lost 0.74 percent.
The Korean won was trading at 1,352.6 won against the U.S. dollar as of 11:20 a.m., up 3.9 won from the previous session’s close.
—IANS
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