South Korean defense stocks see massive surge on Iran war
South Korean defense stocks pared gains, but still saw massive spikes on Tuesday after the country’s markets returned from a public holiday, as the Iran war fueled interest in defense names globally.
Heavyweight Hanwha Aerospace, which is South Korea’s largest defense manufacturer, saw shares surge nearly 25%, before moderating to about a 20% gain, while Korea Aerospace Industries gained more than 12%, but cut those to 3%.
Shares in air defense systems maker LIG Nex1 soared 30%, while electronic warfare systems manufacturer Victek and anti-aircraft missile components’ maker Firstec saw shares rise about 29.3% and 18%,…