Korean arms stocks surge following Trump rally shooting

Finance

Published: 15 Jul. 2024, 12:20 Updated: 15 Jul. 2024, 14:25

Korean arms stocks surge following Trump rally shooting

Former U.S. President Donald Trump, center, pumps his fist at the crowd after a shooting at a campaign rally in Butler, Pennsylvania, Saturday. The Republican candidate is seen with blood on his face surrounded by Secret Service agents as he is taken off the stage. [REUTERS/YONHAP]

Korean arms stocks are soaring in the market on Monday, as the failed assassination attempt at former U.S. President Donald Trump’s rally in Pennsylvania appears to have the potential to significantly boost the Republican candidate's chances of winning the presidential race.

Hyundai Rotem was trading at 43,550 won as of 11:45 a.m. Monday on the Kospi bourse, up 9.01 percent from the previous trading day’s closing price. The share price peaked at 44,900 won around 10:05 a.m., up 12.39 percent, marking a fresh 52-week high for the arms supplier.

LIG Nex1 also spiked to a new 52-week high of 241,000 won mid-trading, up 16.99 percent, at 10:20 a.m. As of 11:45 a.m., its shares were trading at 235,000 won, up 14.08 percent.

Hanwha Aerospace was trading at 263,500 won, up 3.94 percent from the previous trading day, after reaching 271,500 won at 10:05 a.m.

The latest rally is driven by investor anticipation that a second term for former President Donald Trump, if he is reelected, will likely boost defense spending across European nations.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]