Biz sentiment for May pessimistic due to Middle East crisis: poll

Korea's business sentiment remains pessimistic for May due to prolonged Middle East crisis, a survey showed Thursday. The business survey index (BSI) of the country's top 600 companies by sales stood at 87.5 for next month, according to the monthly poll by the Federation of Korean Industries (FKI). A reading below 100 means pessimists outnumber optimists, while a figure above the benchmark indicates the opposite. The index remained below the benchmark for 2 consecutive months. The BSI outlook for the manufacturing sector came to 86.5 for May. Within manufacturing, the oil refinery and chemical industry reported a reading of 89.7, with the automotive and transportation equipment sector posting 82.8. The BSI outlook for the non-manufacturing sector came to 88.4. The FKI said hikes in crude oil prices and shipping costs weighed heavily on business sentiment. "To prevent external shocks from eroding the competitiveness of Korean companies, the government should support price stability for petroleum products, including naphtha and oil and gas, while swiftly preparing supplementary measures to m

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