China-related stocks soar as retaliation against THAAD seem to loosen up
- 6 years ago
After months of China's economic retaliation against South Korea to express its disapproval over Seoul's THAAD missile defense upgrade from the U.S., things are finally looking up.
Stock prices in companies with close links to China have climbed... as its ban on Korean goods and services is showing signs of easing.
Kim Mok-yeon reports.
Last week, Chinese State Councilor Yang Jiechi visited South Korea to brief President Moon Jae-in on a summit meeting held between North Korean leader Kim Jong-un and Chinese President Xi Jinping.
During his talks with President Moon, Yang reaffirmed the Chinese government's willingness to strengthen cooperation with South Korea on easing tensions on the peninsula, as well as look forward reinforcing and restoring economic ties between Seoul and Beijing.
The visit by the special Chinese envoy was not only a boost in Northeast Asia's diplomacy, but also a promising picture for investors, as shown on many China-related shares that took an upturn on Monday.
Shares of flight services including Asiana Airlines and Jeju Air rose 3 percent and 1.5 percent respectively since Friday, while those in the accommodation sector such as Hotel Shilla saw their shares climb 6 percent surpassing the 95 U.S. dollar mark for the first time in more than two years.
Shares of Duty Free shops rose dramatically, too, with Hanwha Galleria Time World soaring nearly 18 percent and Shinsegae International also climbing nearly 9 percent.
Some of the most sought after South Korean cosmetic brands by Chinese customers, Amore Pacific and LG Household and Health Care also saw their shares rise 5 percent, and nearly 4 percent respectively.
Firms in the Hallyu content industry, which were hit hard by bans and unilateral cancellations, also showed signs of recovery.
Korea's major entertainment agencies YG and JYP entertainment rose along the 4 percent margin, while smaller companies such as Chorokbaem media and CJ E&M both rose more than 2 percent.
Kim Mok-yeon, Arirang News.
Stock prices in companies with close links to China have climbed... as its ban on Korean goods and services is showing signs of easing.
Kim Mok-yeon reports.
Last week, Chinese State Councilor Yang Jiechi visited South Korea to brief President Moon Jae-in on a summit meeting held between North Korean leader Kim Jong-un and Chinese President Xi Jinping.
During his talks with President Moon, Yang reaffirmed the Chinese government's willingness to strengthen cooperation with South Korea on easing tensions on the peninsula, as well as look forward reinforcing and restoring economic ties between Seoul and Beijing.
The visit by the special Chinese envoy was not only a boost in Northeast Asia's diplomacy, but also a promising picture for investors, as shown on many China-related shares that took an upturn on Monday.
Shares of flight services including Asiana Airlines and Jeju Air rose 3 percent and 1.5 percent respectively since Friday, while those in the accommodation sector such as Hotel Shilla saw their shares climb 6 percent surpassing the 95 U.S. dollar mark for the first time in more than two years.
Shares of Duty Free shops rose dramatically, too, with Hanwha Galleria Time World soaring nearly 18 percent and Shinsegae International also climbing nearly 9 percent.
Some of the most sought after South Korean cosmetic brands by Chinese customers, Amore Pacific and LG Household and Health Care also saw their shares rise 5 percent, and nearly 4 percent respectively.
Firms in the Hallyu content industry, which were hit hard by bans and unilateral cancellations, also showed signs of recovery.
Korea's major entertainment agencies YG and JYP entertainment rose along the 4 percent margin, while smaller companies such as Chorokbaem media and CJ E&M both rose more than 2 percent.
Kim Mok-yeon, Arirang News.