South Korean stocks are on a tear, hitting a fresh record high on Thursday.
The KOSPI currently trades at 2,335.71 points, up 0.79% for the session. Year to date it is up over 15%.
The gains follow the Bank of Korea’s May monetary policy meeting, a decision where the board voted unanimously to keep the bank’s base rate steady at 1.25%, a decision that was expected by all 19 economists polled by Reuters.
In its accompanying monetary policy statement, the bank gave an optimistic assessment on the outlook for both the global and domestic economies, helping to propel stocks higher.
“Based on currently available information the Board considers that the global economic recovery has continued to expand,” the bank said.
It also said that the “trend of domestic economic growth has expanded, as exports and investment have improved”, adding that domestic economic growth is expected to be slightly above the path it previously projected in April.
“The Board judges that consumption will likely continue its modest trend of growth, but that the trends of improvement in exports and investment should expand compared to the April forecasts,” it said.