Explore the latest developments concerning South Korea defense.
South Korea defense stocks soar with heavyweight Hanwha Aerospace surging 20% as traders react to Iran war
South Korean defense stocks saw massive gains on Tuesday after the country's markets returned from a public holiday, as the Iran war fuels interest in defense names globally.
Heavyweight Hanwha Aerospace, which is South Korea's largest defense manufacturer, saw shares surge nearly 25%, before paring gains to about 20%, while Korea Aerospace Industries gained more than 12%, but cut those to 3.2%.
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 30% and 19%, respectively.
Ammunition manufacturer Poongsan rose 12.78%, while Hyundai Rotem, maker of the K2 main battle tank, advanced over 8%.
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