South Korea's headline PMI improved by just a tenth of a point in January, to 50.9 from 50.8.

But it was the fourth-consecutive month of a reading above 50, signaling expansion. New orders climbed at the the sharpest rise in nine months, and the employment sub-index climbed for the third-straight month

HSBC economist Ronald Man commented:

“Manufacturing conditions continue to improve in Korea, boosted by stronger new orders on the external front. Payrolls also expanded for the third consecutive month. This suggests that Korea is on track for a gradual export-led recovery. But downside risks from financial   volatilities still loom. Thus we expect Korean officials to   maintain an accommodative stance to support growth for now.”  

Here's the chart for the headline survey: