South Korean defense stocks surge on Middle East export prospects after Iran war
By
Lim Hui Jie
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Summary
South Korean defense stocks surged sharply on Tuesday as investors anticipated the end of the Iran war, expecting a boost in defense exports to the Middle East. Hanwha Aerospace rose 11.8%, Hyundai Rotem gained 12.67%, and both LIG Defense & Aerospace and Firstec nearly hit the 30% daily limit on the Kospi index. The rally is driven by expectations that defense export pipelines to the Middle East will resume and expand.
Key quotes
· 3 pulledSouth Korean defense stocks climbed sharply on Tuesday as the end of the Iran war appeared to be in sight, because the companies may benefit from sales to the Middle East afterward.
Hanwha Aerospace, Seoul's largest defense stock, was up as much as 11.8%.
Investors increasingly expect defense export pipelines will soon resume
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