Shares of entertainment and media content company CJ E&M have been flying high, about the only gainer in the industry hit by China's move to restrict imports of South Korea's cultural material, market data showed Friday.
The company's stock, listed in the secondary market KOSDAQ, closed at 87,200 won (74 US dollars) on Thursday, up 10.8 percent from the previous day. It is the highest since February 4 last year and marks a 62.08 percent jump in just seven weeks since the most recent nadir on December 5 last year. The market cap has recouped the three trillion won range after 10 months.
The firm's latest hit drama "Guardian" and recently released mobile game "Lineage II: Revolution" are given big credits. The drama, aired on the company's cable channel tvN, has been dominating the TV popularity chart, while the role-playing game from Netmarble chalked up 206 billion won in sales in the first month of its release, the biggest on record for a local gaming company. CJ E&M is the second-largest shareholder of Netmarble with 27 percent.
The company has been making a solo flight in the stock market. Other industry competitors have been boxed in after China reacted in fury against Seoul's decision in July last year to host the US missile defense system THAAD. Retaliation included activities in China by popular Korean entertainers, controlling cultural content imports and reining in travel programs to South Korea.