Manufacturing firms as of 22 October have reported slightly slower output growth at 52.6 percent from 52.9 percent in September, data showed on Wednesday.

While the headline index signaled slightly softer gains in the manufacturing sector, the reading remained above the historical average and was modest overall, according to the S&P Global Manufacturing Purchasing Managers Index.

"The latest PMI data revealed yet another round of expansion across the manufacturing sector. Demand conditions continued to improve, resulting in a further rise in output and new businesses," Maryam Baluch, economist at S&P Global Market Intelligence said.

"While overall factory orders increased, volumes of new work from abroad contracted at the sharpest pace since the recent sequence of decline began in March," she added.

"Firms also signaled growth in buying activity and employment. Despite the pace of the latest upturns easing slightly on the month, firms continued to increase capacity and stocks to support future growth," Baluch explained.