Biz sentiment rises to near 4-year high: BOK
South Korea's business sentiment rose to a nearly four-year high in August, driven by solid confidence in manufacturing and an improved outlook in the service sector during the summer vacation season, a central bank survey showed on Wednesday.
The Composite Business Sentiment Index (CBSI) for all industries stood at 99.6 in August, up 1.1 points from the previous month, according to data from the Bank of Korea (BOK), reports Yonhap news agency.
The reading marked the highest level since September 2022, when the index recorded 102 after the COVID-19 pandemic.
The index measures corporate outlooks on overall business conditions, with a reading below 100 indicating that pessimists outnumber optimists.
The BOK said sentiment in the non-manufacturing sector, including transportation and leisure, as well as broadcasting and film, improved during the peak summer vacation season.
The CBSI among manufacturers climbed 0.6 point to 103.8 in August from a month earlier, while the index for non-manufacturing companies added 1.5 points to 96.7.
The manufacturing index surpassed the 100 mark for the fourth consecutive month after topping the threshold in May for the first time since August 2022.
The outlook for September rose 3.1 points to 99.6 from the previous month's prospect of 96.5, the survey showed.
The economic sentiment index, or ESI, which reflects sentiment among both consumers and businesses, went up 1.5 points to 99.4 for August.
Meanwhile, Seoul stocks were trading higher late on Wednesday morning, while investors kept a wait-and-see approach ahead of the earnings release from U.S. chip giant Nvidia.
The benchmark Korea Composite Stock Price Index (KOSPI) was trading up 51.04 points, or 0.76 percent, to 6,793.78 as of 11:21 a.m.
After opening lower, the index continued choppy trading as earnings from Nvidia are set to test the durability of the massive, global artificial intelligence (AI) infrastructure boom.
In Seoul, market top caps were trading mixed. Samsung Electronics rose 0.97 percent, while industry rival SK hynix added 1.19 percent.
Top carmaker Hyundai Motor slid 0.36 percent, defence giant Hanwha Aerospace dipped 2.63 percent, and battery maker LG Energy Solutions added 0.14 percent.
