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.
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