Business sentiment worsened for the fifth consecutive month in January, amid lingering economic uncertainties.

According to the Bank of Korea on Friday, the business survey index(BSI) for all industries dropped by five points on-month to stand at 69 for January, the lowest in 28 months. A BSI of 64 was posted in September 2020. 

A reading below 100 means pessimists outnumber optimists.

The latest fall also marks the largest on-month drop since the index plunged eleven points in March 2020.

The January figure marks the fifth straight month of decline after rising to 81 in August last year. 

The BSI for manufacturing and non-manufacturing sectors both dropped five points on-month to post 66 and 71, respectively, in January.

Meanwhile, local firms' business outlook for February also slipped by two points on-month, coming in at 68.