Korean manufacturers downbeat on Q2 business

By Nam Kwang-sik
SEOUL, Feb. 26 (Yonhap) -- A majority of South Korean manufacturing companies
forecast their business will remain sluggish in the second quarter of the year
due to a weak local currency, a poll showed Thursday.
According to the survey of 1,564 companies taken in early February by the Korean
Chamber of Commerce and Industry (KCCI), the manufacturing business survey index
was 66 for the April-June period, up from 55 for the previous quarter.
A reading below 100 means pessimists outnumber optimists. The index has been
below 100 for the fifth consecutive quarter since the fourth quarter of 2007.
"The second-quarter index improved from that of the first quarter, but
manufacturers' economic jitters linger due to the South Korean won's sharp fall
against the U.S. dollar," said KCCI.
The local currency has fallen nearly 17 percent against the greenback so far this
year.
KCCI urged the government to ease currency fluctuations to help dissipate
corporate concerns.
ksnam@yna.co.kr
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