South Korean defense stocks soar amid US-Iran tensions
Business
South Korean defense stocks shot up as much as 30% on Tuesday, even while the overall stock market dropped.
The spike comes as global tensions rise over the US-Iran conflict, making defense companies like Hanwha Aerospace, Lignex1, and Korea Aerospace Industries sudden winners.
South Korea's defense industry on the rise
With more global uncertainty, investors are betting big on companies that make defense tech—Victek and Firstec jumped over 20%, while Poongsan and Hyundai Rotem also saw strong gains.
South Korea aspires to become the fourth-largest defense industry globally by 2030, helped by major orders from Europe and a $4 billion government push for new military upgrades.