The sparkle of South Korean cosmetics firms remained strong on Monday after Seoul and Beijing extended a currency swap, a move seen as a yardstick for relations between the two countries, the Financial Times reports. Shares in Amorepacific, South Korea’s largest cosmetics company which has been hit by the ongoing spat between Beijing and Seoul, lifted 5% in morning trading in Seoul on Monday, strengthening further from a 6.5% gain on Friday to its highest point since September 5. The price moves followed confirmation on Friday from the Bank of Korea that an eight-year $56bn currency swap with China had been extended. Amorepacific is one of many South Korean retailers to be hit by the ongoing tensions over the deployment of a US missile shield which has seen Chinese customers boycott South Korean products and Beijing impose restrictions on the country’s products and media. The company is still down 11.5% since the start of the year.
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