S. Korean builder sentiment rises for 3rd month in Nov.

South Korean builders' business sentiment increased for the third consecutive month in November on a recovery in new orders despite the prolonged coronavirus crisis, a poll showed Tuesday.

The construction business survey index (CBSI) stood at 85.3 last month, up 5.4 points from the previous month, according to the survey by the Construction and Economy Research Institute of Korea.

The November figure was the highest monthly tally for this year, but it was still below the benchmark level.

A reading below 100 indicates that builders pessimistic about the current state of the construction industry outnumber those with optimistic views.

In the wake of the COVID-19 outbreak, the CBSI hovered around 60 between February and May before surging to 79.4 in June. It edged down to 73.5 in August and bounced back to 75.3 in September.

"Bolstered by rising new orders, the builder confidence appears to have made some recovery, given the third straight month of increase," Park Cheol-han, an associate research fellow at the institute, said.

The subindex for new construction orders stood at 103 in November, up 13.3 points from the prior month and leading the increase in the overall index.

The subindex for housing construction came to 99.9 last month, up 7.2 points from October, while that for non-housing construction jumped by 23.3 points to 92.1.

The survey also showed the CBSI outlook for December amounting to 93.9, up 8.6 points from November, on rising new orders and a seasonal factor. (Yonhap)