In this handout photo released by the South Korean Ministry of Defense, South Korean naval vessels participated in naval drilling on the East Coast in South Korea on September 4, 2017.
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South Korea’s defense stock rose Tuesday, in line with the extensive pickup trucks on the global defense name of the Russian-Ukrainian war, which attracted attention for security concerns.
The profits of the Korean name are led by Hanwha Aerospace, Korea Aerospace Industry, Hyundai Rotem and Lig Nex1.
Hanwha Aerospace shares soared as much as 16.67%, while Hyundai Rotem shares rose as much as 11.51%. Modern Rotem specializes in the production of railway equipment and defense products.
Meanwhile, stocks in Korea Aerospace and LIG NEX 1, which produce weapons and aerospace equipment, rose 7.77% and 7.76% respectively.
Other South Korean defense stocks were also higher, with Viktek rising 4.88%, Fisk rising 4.69%, and Pangsang rising 7.65%.
South Korean military manufacturing companies see demand Pickup in 2024 Powered by a large number of weapon commands.
“South Korea’s position as a defence industry power has been supported by real numbers,” Italian Institute of International Politics last April statement. It also stressed that the country’s arms exports increased from $3 billion to $3 billion in the late 2010s, reaching $7.3 billion in 2021.
South Korea’s defense stock collection comes after expectations of higher European defense spending Regional leaders hold security negotiations This touches on solid military spending.
The meeting deals with the need to strengthen the defense of Ukraine and Europe After Trump and the President of Ukraine Volodymyr Zelenskyy conflict On February 28, at the White House, a different view on how to end the Russian-Ukrainian conflict.
British Prime Minister Keir Starmer Guaranteed to increase military spending to 2.5% of GDP by 2027. Other European countries may follow suit.
Loredana Muharremi, aerospace and defense analyst at Morningstar European defense spending is expected to reach 3.1% of GDP by 2029 and 3.5% by 2032.
“We believe that if this is strategically structured, the defense spending target by 2029 is viable, and debt financing may support growth and focus on production and R&D in Europe,” she wrote in a note on Monday.
Stoxx European Aerospace and Defense Index Monday soared 8%. This marks the index The best meeting in 5 years.
At the same time, US defense inventory is also Climbing on Mondayafter Trump made it clear tariff In Mexico and Canada, it will take effect as planned.
– Lim Hui Jie of CNBC contributed to this report.
