S. Korea's consumer sentiment falls on rising oil prices, falling stock prices

Arirang News 2018-10-26

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South Korea's consumer sentiment dipped in October from the previous month... mainly due to growing concerns of rising international oil prices and a massive sell off of local stocks.
Kim Ji-yeon has more.

Data by the Bank of Korea shows the composite consumer sentiment index fell by zero-point-seven points from the previous month to 99-point-five in October.
Except for a slight rebound last month... the index has been on a steady decline since last November.
Generally, a reading below 100 means there are more pessimists than optimists about the economy.
Of the components that make up the index, the one measuring people's sentiment regarding current economic conditions rose by three points from the previous month to 67... due to expectations of increased economic cooperation between the two Koreas.
But it was not enough to offset concerns over swelling livelihood expenses.
The Bank of Korea says the price of Dubai crude, South Korea's benchmark... rose to its highest level in three years and ten months in October... to trade at more than 80 U.S. dollars a barrel.
Also, the central bank says the consumer sentiment index was affected by a bearish stock market... with the country's benchmark KOSPI plunging by more than four-percent in a single day during the survey period on October 11th,... mainly due to heavy losses on Wall Street.
The consumer sentiment index for housing prices slumped 14-points to 114... due to strengthened regulations on speculative housing practices that were introduced last month.
Kim Ji-yeon, Arirang News.

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