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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: S.Korea Aug consumer sentiment hits 7-yr high Reuters - Wednesday, August 26 * August consumer sentiment at 7-year high, 5th monthly gain ADVERTISEMENT * Finance minister cautions against excessive optimism * Overseas credit purchases up 16.6 pct in Q2 from Q1 * Debt market extends gains for 2nd day, despite firm stocks SEOUL, Aug 26 - South Korea's key consumer sentiment index hit a seven-year high in August, central bank data showed, but the finance minister called for caution over excessive optimism on the economic outlook. Debt markets extended gains for a second day despite a firm stock market <.KS11> as investors remained doubtful about the sustainability of the recent rapid economic recovery, with the government set to scale back stimuli and fears that the fast spread of the H1N1 influenza virus could hold back economic activity. "Despite the stream of positive data, many people still wonder whether the economy can power itself," said Yoon Yeo-sam, a fixed-income analyst at Daewoo Securities. "The dominant view among market players is that the authorities will raise rates only when they are confident about a sustainable recovery, despite rising household debt and property prices. But uncertainties persist, with swine flue adding to the list," the analyst said. Finance Minister Yoon Jeung-hyun repeated his cautious economic assessment, saying that the economy had been showing signs of improvement but whether the pace of recovery could continue remained in question. "Until a clear signs of economic recovery appear, we have to wait and see while continuing to be aggressive in fiscal and financial areas," Yoon said at a seminar with analysts. "It's still premature to discuss when to implement an exit strategy," he said, warning that a hasty policy shift could put the economy into a double-dip and that a belated change could spark inflation or asset market bubbles. The government has implemented a record $50 billion stimulus package and the central bank has slashed the benchmark interest rate by 3.25 percentage points since early October 2008 to avert a severe recession. PICK-UP IN CONSUMPTION The Bank of Korea said in a statement on Wednesday that its consumer sentiment index -- which measures sentiment in six categories -- rose to 114 in August from 109 in July, the fifth monthly gain and the highest since the third quarter of 2002. The index was compiled on a quarterly basis until the second quarter of 2008. A reading above 100 indicates that a majority of consumers expect better economic conditions in the coming months. Separate central bank data released earlier in the morning showed that South Korean's overseas credit purchases rose 16.6 percent to $1.28 billion in the second quarter from the previous quarter, backed by the won's <KRW=> recovery and improved domestic economic conditions. "The latest pick-up in domestic consumption could fizzle out if the swine flu becomes an endemic and as the government is set to levy heavier taxes on the rich," Yoon at Daewoo Securities said. The finance ministry on Tuesday unveiled a plan to increase tax revenue by more than 10 trillion won over the next three years mainly by reducing tax breaks for rich individuals and large companies. [ID:nSEO252848] Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Business China Life sees premium growth for all of 2009Reuters - Wednesday, August 26 Sinopec says ADDAX deal got Iraqi approval -paperReuters - Wednesday, August 26 GLOBAL MARKETS-Asia stocks edge up; eyes on oil and ChinaReuters - Wednesday, August 26 Indian rupee dips on mth-end dollar demand; stocks keyReuters - 2 hours 19 minutes ago RPT-India raises farm subsidy to boost winter cropsReuters - Wednesday, August 26 Most Popular – Business Viewed Jackson killed by drugs cocktail: court Global stock markets up, hit 10-month highs NASA calls off Discovery launch Homes of former Porsche executives searched: report France to claim exclusive Mediterranean fishing zone View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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