Defense stocks were strong early on the 9th. As tensions between the United States and Iran show signs of dragging on, investor sentiment appears to be funneling into defense shares. However, they turned lower during the session and are moving around flat levels.
As of 9:23 a.m. that day on the main bourse, LIG Nex1 was trading at 843,000 won, up 9,000 won (1.08%) from the previous session. LIG Nex1 opened at 938,000 won that day and is paring gains during the session.
Hanwha Aerospace also opened at 1.5 million won, up 0 won (0%) from the previous day, but turned lower during the session and, as of 9:24 a.m., was trading at 1,429,000 won, down 52,000 won (3.51%) from the previous session. Korea Aerospace Industries (KAI) is plunging more than 5%.
With signs that tensions between the United States and Iran will persist, investor sentiment appears to be concentrating on defense stocks. Earlier, the Assembly of Experts elected Mojtaba Khamenei, 57, as the third supreme leader. Mojtaba is the second son of Iran's supreme leader Ali Khamenei, who was killed in U.S. and Israeli airstrikes.
U.S. President Donald Trump signaled a hard-line stance, saying to the effect that "Iran's next leader, who has not received U.S. approval, will not last long."