Korean manufacturers' confidence hits 4-month high

South Korean manufacturers' business sentiment for October rose to the highest level in four months as the local economy is on the recovery track, the central bank said Monday. The index gauging manufacturers' outlook on business conditions reached 82 for October, up from 77 recorded for September, according to a monthly survey from the Bank of Korea (BOK). The index measures manufacturers' expectations for the coming month. The October data marked the highest level since the index for June hit an identical 82, the central bank said. A reading below the benchmark 100 means pessimists outnumber optimists. The index is based on a nationwide survey of 2,552 companies conducted Sept. 11-23. The index gauging manufacturers' assessment of current business conditions reached a three-month high of 75 in September, up from 73 in August, it added. A BOK official said that automakers and shipbuilders gave positive views about their business operations, leading their assessment of current economic conditions to rise. The Korean economy grew 1.1 percent on-quarter in the April-June period, the fastest in over two years, on the back of increased fiscal spending and latest rate cut. The index measuring smaller firms' outlook on business conditions reached 80 for October, up from 73 recorded for September. The index measuring exporters for October hit 86, up from 82 for this month, the BOK added.