Korea Aerospace Industries (KAI) has seen its stock price rise as it exports additional domestic multipurpose fighter jets FA-50 to the Philippines.
KAI shares traded at 88,600 won in the KOSPI market at 9:19 a.m. on the 4th. The stock price increased by 5.49% (4,600 won) compared to the previous trading day. The news of the FA-50 export appears to have stimulated investor sentiment.
According to the defense industry, KAI signed a contract to supply 12 FA-50s to the Ministry of National Defense of the Philippines on the 2nd. The contract scale is $700 million (approximately 1 trillion won). The Philippines also purchased 12 FA-50s in 2014.
The export of FA-50s marks the first contract in nearly two years to supply 18 jets to Malaysia in 2023. KAI is also challenging to secure additional contracts in the Middle East and other regions this year.