South Korean firms' business sentiment posted a record drop in February amid the rapid spread of the novel coronavirus.

According to the Bank of Korea on Tuesday, the business survey index(BSI) for all industries came to 65 for the month, down ten points from the previous month. 

A reading below 100 means pessimists outnumber optimists. 

The index marks the lowest since February 2016 when it fell to 63 amid sluggish exports due to the global economic slowdown.  

The ten-point drop represents the largest fall since the country started compiling related data in January 2003. 

The index for manufacturers marked 65, down eleven points from a month earlier. It marked the lowest since February 2016 when it stood at 63.

The BSI for non-manufacturers, which include restaurants, wholesale and retail businesses, slipped nine points to 64. 

The prospective index for all industries for March came to 69, down seven points February projections.