South Korea’s market morale strengthened in March due to a fall in economic uncertainty, with more businesses anticipating a turnaround on the road, according to a poll on Wednesday.
The Market Survey Index (BSI) of the country’s top 600 companies reached 109.2 for next month, up 19.1 points from February, according to the Korea Economic Research Institute (KERI).
“The business index got a boost from expectations that the rollout of new coronavirus vaccines and recovery in global demand will ease economic uncertainties,” the statement said.
The company index surpassed 100 for the first time in 34 months since it marked over 100 in May 2018, the statement said.
The reading over 100 means that the optimists outnumber the pessimists, whilst the figure below the benchmark means the reverse.
BSI’s score in February was 98, up 1.9 points from the previous month, said KERI, the polling arm of the country’s largest industry lobby Federation of Korean Industries.
KERI said that 393 out of 600 businesses replied to the survey, taken from Feb. 15-19.