South Korean stocks hit a record high as policymakers turn bullish on the economy

South Korea’s supporters cheer prior to the start of a Group H football match between South Korea and Belgium at the Corinthians Arena in Sao Paulo during the 2014 FIFA World Cup on June 26, 2014. AFP PHOTO / ODD ANDERSEN

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%.

KOSPI Daily Chart

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.

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