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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.Koreans most upbeat since 2002 but president cautions Reuters - Thursday, August 27 * August consumer sentiment at 7-year high, 5th monthly gain ADVERTISEMENT * President Lee says too early for exit strategy * Lee's remarks seen having little influence on central bank * Analysts say exit strategy may have partially started By Seo Eun-kyung and Yoo Choonsik SEOUL, Aug 26 - South Korea's consumer sentiment rose for a fifth month to a sven-year high in August, reinforcing investors' opinion that Asia's fourth-largest economy could be among the first country's to raise interest rates. Stock and currency traders welcomed the latest sign of optimism, but President Lee Myung-bak and his finance minister called for caution and reaffirmed it was not time yet to unwind the support put in place since late last year. "The government is dealing with very carefully and I think it is premature to implement an exit strategy," a statement from the presidential office quoted Lee as saying at a meeting with executives and scholars on Wednesday. "It seems that major countries are of the opinion that exit strategies should be discussed during the first half of next year at the earliest." Analysts said the sentiment data supported their view that the Bank of Korea would start to raise interest rates soon, and added the president's remarks appeared directed towards the public rather than central bankers. "Our view is that interest rates will start to be raised from the first quarter of next year to pre-empt inflation expectations," said Park Sang-hyun, an economist at HI Investment & Securities. "The president's remarks could influence the public perception about the rate policy direction but I don't think the Bank of Korea's policy will be greatly affected." The central bank's consumer sentiment index -- which measures sentiment in six categories -- rose to 114 in August from 109 in July, its highest since the third quarter of 2002. The index was compiled quarterly until the second quarter of 2008. EXIT STRATEGY STARTED Separate central bank data released on Wednesday showed overseas credit purchases rose 16.6 percent in the second quarter from the previous quarter on revived confidence, reversing three quarters of declines. South Korean stocks <.KS11> rose 0.8 percent to their highest close in 13 months while the won <KRW=> reversed an early modest decline to end higher. Analysts said the exit could be said to have already started depending on the definition of the phrase, a view that Bank of Korea Governor Lee Seong-tae had acknowledged at a news conference early this month. [ID:nSEO46545] "If you apply a broad definition of the term, yes we can say the exit strategy has started," said HI economist Park. The central bank has called in all of its emergency foreign-currency loans to domestic banks and issued warnings on house price growth, while the finance ministry plans to raise the minimum income tax on large companies from next year. Money market rates are crawling up. The 91-day certificate of deposit rate <KRCD=KQ> rose 4 basis points to 2.56 percent on Wednesday, the highest close since mid-February. The CD rate, the most influential money-market rate for South Korean banks when they set lending interest rates, has gained 15 basis points over the past three weeks. Swaps retreated from close to their highest levels this year after the president's comments in what was partly a pullback from very aggressive pricing of future rate rises. Three of 12 analysts surveyed by Reuters after the Aug. 11 meeting forecast the Bank of Korea would start to raise rates from November, while eight said increases would start early next year. [ID:nSEO329198] Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Business China Life eyeing investments in AIA, Ag BankReuters - Thursday, August 27 Sinopec says ADDAX deal got Iraqi approval -paperReuters - Wednesday, August 26 GLOBAL MARKETS-World stocks dip; dollar strengthensReuters - Thursday, August 27 Indian rupee drops towards 49/dlr on import demandReuters - Thursday, August 27 RPT-India raises farm subsidy to boost winter cropsReuters - Wednesday, August 26 Most Popular – Business Viewed Profile of swine flu begins to emerge: study Jackson killed by drugs cocktail: court NASA calls off Discovery launch High bidder 'can't pay' for crypt atop Monroe Oil hits $75 for first time in 10 months 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). 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