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South Korea's June business sentiment at three-year high, but pessimism lingers
May 30, 2017 / 9:09 PM / 6 months ago

South Korea's June business sentiment at three-year high, but pessimism lingers

SEOUL (Reuters) - South Korean manufacturers are more optimistic about business conditions for June than they have been for more than three years as soaring exports continue to improve sentiment, a central bank survey showed on Wednesday.

FILE PHOTO: A worker works at an assembly line before unionised workers attend a strike at a main factory of Hyundai Motor in Ulsan, about 410 km (256 miles) southeast of Seoul, July 13, 2012. REUTERS/Lee Jae-Won/File Photo

The Bank of Korea’s manufacturing business survey index (BSI) for June rose to 82 on a seasonally adjusted basis, up from 79 for May and the highest level since March 2014, when it was also 82.

But the index remained well below the neutral 100 level, showing that the number of companies pessimistic about business conditions outnumbered optimistic ones.

South Korea’s central bank last week gave an unusually bullish outlook on the economy and said it will upgrade the nation’s growth outlook in July from the current 2.6 percent.

The new survey showed business confidence among exporters had strengthened, rising to 91 for June from 88 in May.

While survey respondents said they were less worried about the volatility in currency market, they cited weak domestic demand as a persisting risk.

Reporting by Dahee Kim; Editing by Richard Borsuk

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