01 October 2013 04:04 [Source: ICIS news]
SINGAPORE (ICIS)--HSBC’s Purchasing Managers’ Index (PMI) for South Korea rose to 49.7 in September, up from 47.5 in August, indicating easing contraction in the country’s manufacturing sector, the investment bank said on Tuesday.
PMI is a barometer of an economy's manufacturing activities, with a reading above 50 indicating an expansion, and a lower number denoting a contraction.
“The stronger PMI shows that Korea's manufacturing sector remains on track for a recovery towards year end,” said Ronald Man, an economist at HSBC.
The pick-up in the manufacturing sector, however, will be gradual because new orders from overseas are still in “contraction territory”, Man said.The September PMI reading points to a “near-stabilisation” of business conditions, HSBC said.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections