South Korea's June manufacturing confidence hits 7-month high

[SEOUL] South Korean manufacturers' views of their business prospects in June hit a seven-month high, a central bank survey showed on Monday, rising for a third straight month in a sign the economy may have bottomed out.

The manufacturing business survey index (BSI) climbed to a seasonally adjusted 72 for June, after registering 69 in the survey for May, the Bank of Korea said in a statement. It was the highest since November last year.

Sentiment improved for both conglomerates and exporters, according to sub-indices from the central bank's survey of 1,700 manufacturers nationwide.

Companies that mainly cater to local consumers expected conditions to worsen slightly in June from May. Sentiment for May had reached a one-year high.

The survey was conducted from May 16 to 23, the central bank said.

The Bank of Korea said last Friday it expects exports conditions to improve mildly in the coming months as global oil prices rise while a Reuters survey on the same day saw May exports rising for the first time since December 2014.

May exports data will be released on June 1.

REUTERS