Korean manufacturers’ business sentiment improved for March thanks to the increased number of business days, central bank data showed on Feb. 28.
The business survey index of manufacturers came to 82 for next month, up from 77 in February, according to the Bank of Korea.
For this month, the index fell two points on-month to 75.
A reading below 100 means the number of companies forecasting their businesses will deteriorate in the coming month was larger than the number expecting improvements.
“In February, the BSI worsened as companies expressed concerns about fewer working days,” said the BOK, citing the four-day Lunar New Year’s holiday that fell on the middle of the month. “For March, they expect their business to gain ground without any long holidays.”
An index measuring local firms’ sentiments toward exports came to 86 for next month, up from 85 for February, while the corresponding index for domestic-bound companies rose six points on-month to 79 over the same period.
The BSI of nonmanufacturing firms stood at 82 for March, up from 78 in February.
The monthly index is based on a survey of 2,848 companies throughout the country from Feb. 9-20.
By Song Seung-hyun and newswires (firstname.lastname@example.org