Emmys for Netflix’s Squid Game boost ‘k-drama’ stocks in Seoul

SHARES of Korean companies related to television production rose Tuesday after the Netflix Inc. megahit “Squid Game” won top honors at the television industry’s Emmy Awards.

Creator Hwang Dong-hyuk won for outstanding directing and Lee Jung-jae, who played the main character in the Korean series, won the Emmy for best actor in a drama series. Shares of Bucket Studio Co., which holds a stake in the agency representing Lee, closed 2.2% higher after surging as much as 12% earlier in the day.

The surprise success of “Squid Game” last autumn sparked big gains for a wide range of Korean entertainment stocks as investors looked for the next big hit to emerge from the country. Bucket Studio’s stock nearly tripled last year but has tumbled 53% so far in 2022.

Among other “K-drama” stock moves Tuesday, Samhwa Networks Co. gained 5.8%. The company is working on a remake of the crime drama “The Mentalist.” ContentreeJoongAng Corp., producer of Netflix series “D.P.” and “Hellbound,” climbed 5.6%. The Kospi, South Korea’s equity benchmark, surged 2.7% as the market reopened after a four-day weekend.

Netflix in June confirmed that Squid Game would be coming back for a second season. The US streaming giant is counting on growth in Asia to help reverse its fortunes after losing more than a million customers in the first half of this year. –BLOOMBERG