South Korean builders' business sentiment touched a yearly-low in September amid sluggish orders and high interest rates, a poll showed Thursday.
The country's construction business survey index (CBSI) stood at 61.1 last month, down 9.4 points from the previous month, according to the survey by the Construction and Economy Research Institute of Korea.
It marks the lowest monthly figure this year. In August, the figure tumbled by 19.3 points from July, the biggest on-month drop since January 2020.
A reading below 100 indicates that builders who are pessimistic about the industry's current state outnumber those with optimistic views.
The BSI for new orders came to 71.4 in September, down 3.2 points from the prior month, amid slumping housing orders.
The BSI for financing amounted to 68.3 last month, down 4.9 points from a month earlier and the lowest reading this year.
South Korean builders have been gripped by difficulties in raising funds due to a surge in delinquent project financing loans, which has sparked concerns over the country's overall financial market.
There are also persistent worries about high interest rates following the U.S. Fed's hint at another rate hike, despite its rate freeze in September.
The survey also showed the CBSI outlook for October coming to 71, up 9.9 points from September.
The October reading is still below the benchmark 100, which means the country's construction business conditions will remain in the doldrums in the coming month, the institute said.
Source: Yonhap News Agency