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S.Korea's business confidence stays low on uncertainties

Xinhua, November 29, 2016 Adjust font size:

Confidence among South Korean businesses over economic outlook stayed low on uncertainties at home and abroad, central bank data showed on Tuesday.

The business sentiment index (BSI) among manufacturers came in at 72 in November, up 1 point from the previous month, according to the Bank of Korea (BOK). The reading below 100 means pessimists outnumbered optimists.

The slight increase was attributed to higher profit in oil refiners, the end of labor strikes in the auto sector and higher prices of hot-rolled steel.

However, the electronics industry is still struggling with the discontinuation of Samsung Electronics' Galaxy Note 7 that was caused by multiple reports across of the globe of the devices catching fire and overheating.

External uncertainties remained as U.S. President-elect Donald Trump prefers protectionist economy policy, which would hit South Korea's economy depending on global trade for half of its production.

On the domestic front, a scandal involving President Park Geun-hye and her longtime confidante weakened private consumption, damaging the domestic demand-oriented industries.

The BSI for December among manufacturers, reflecting next month's economic outlook, made no change at 72 compared with the previous month.

The reading for November in the non-manufacturing sector inched up 1 point to 73, but the BSI for December was down 1 point at 72 from a month earlier.

The figures were based on a survey of 1,731 manufacturers and 1,058 non-manufacturers conducted between Nov. 15 and 22. Enditem