Business sentiment hit its lowest level in eight months in October amid lingering economic uncertainties.

According to the Bank of Korea(BOK) on Thursday, the business survey index(BSI) for all industries dropped by three points on-month to 70 for October, the lowest in eight months to undo a rebound in September after declining in the two preceding months.

A reading below 100 means pessimists outnumber optimists.

The index for the manufacturing sector climbed one point to 69 while the BSI for the non-manufacturing sector slid six points to 71.

For the sharp drop in the non-manufacturing sector, a BOK official blamed a decline in demand from retailers and wholesalers as well as service industries.