Netflix Korean Partner Dexter Joins ‘Squid Game’-Spurred Rally

(Bloomberg) -- Dexter Studios Co., a Seoul-based visual effects production firm, surged on Friday to become the latest Korean stock to rally because of its links with Netflix Inc.

Shares of Dexter soared as much as 27% to the highest level since 2016. First-half earnings jumped 35% in part due to its tie-up with the U.S. streaming service, Chosun Ilbo quoted a company’s official saying. Dexter continues to be offered new projects as interest in Korea’s creative world expands, the official said at an online Netflix Partner Day event earlier this week, the newspaper reported.

Dexter joins other local entertainment stocks that have climbed in recent days amid the massive popularity of Squid Game, the South Korean action-drama series that has topped Netflix charts around the world.

Showbox Corp. jumped as much as 15% Friday after rallying 48% last month. Bucket Studio Co. climbed 10% before erasing gains; the shares skyrocketed more than 100% in September. Astory Corp., the company behind the “Kingdom” zombie thriller, added as much as 8.1% following an almost 30% climb last month. 

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