April 25, 2024

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Business sentiment in Korea improved sharply for March on a base effect and seasonal factors, but a majority of companies still remain skeptical about their prospects, a poll showed on Feb. 26.

The business survey index of the nation’s top 600 firms by sales came to 97 for next month, sharply up from a decade low of 81.1 in February, according to the Korea Economic Research Institute.

A reading below 100 means pessimists outnumber optimists, while a figure above the benchmark means the opposite.

The performance index for February came to 84.3, down from 87.7 the previous month, staying below the benchmark 100 for 46 months on end.

Shortened working days flaccid domestic demand hurt their business, the poll showed.

“The auto and shipbuilding sectors showed a turnaround for March. Also, increased working days helped jack up the overall business sentiment,“ it said.

The KERI said despite a sharp improvement, the overall sentiment is still weak.

By Ram Garikipati and newswires (ram@heraldcorp.com)