Japan and South Korea defense stocks jump after Hamas assault, aviation stocks slide

Japan’s Prime Minister Fumio Kishida walks previous a Japan Ground Self-Defense Force (JGSDF) Type 19 155 mm wheeled self-propelled howitzer (back-L) and a Type 12 surface-to-ship missile (back-R) as he inspects gear throughout a evaluate at JGSDF Camp Asaka in Tokyo on Nov. 27, 2021. At his first troop evaluate Saturday, Kishida renewed his pledge to contemplate “all choices,” together with buying enemy base strike functionality.

Kiyoshi Ota | AFP | Getty Images

Japanese and South Korean defense stocks surged on Tuesday as each inventory markets returned to their first day of buying and selling following the weekend assault of Israel by Palestinian militants Hamas.

Hamas launched a shock and unprecedented attack on Israel on Saturday, driving Israel to declare war and launch a barrage of retaliatory strikes on the Gaza Strip, which is dominated by the militant group.

In South Korea, defense heavyweights Hanhwa Aerospace — which builds artillery and air defense methods — gained 2.23%, whereas Korea Aerospace Industries rose 4.07%. KAI produces fighter jets and aviation platforms for the South Korean navy.

Smaller South Korean defense gamers noticed larger positive factors. Shares of digital warfare methods maker Victek spiked nearly 30%. Firstec, which manufactures fireplace management methods and guided munitions jumped 20%.

In Japan, the biggest gainer was Kawasaki Heavy Industries, which climbed nearly 6.5%. The firm manufactures plane and naval vessels for Japan’s Self Defense Forces.

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