South Korea defence stocks surge after Iran war

Defence stocks in South Korea have surged following the outbreak of the U.S.-Israeli conflict involving Iran, according to Yonhap news agency. Hanwha Aerospace’s market capitalisation increased by 11.7 percent to 68.8 trillion won ($45.1 billion), LIG Nex1 rose by 44.4 percent, and Hanwha Systems Co gained 9.2 percent. In contrast, other sectors declined, with Hyundai Motor Co’s market value dropping by 26.6 percent. The conflict has contributed to volatility in South Korea's stock market, with the KOSPI initially falling over 18 percent before experiencing partial recovery.