On the 24th, shares of major defense companies are weak in early trading. This follows news of a ceasefire agreement between Israel and Iran.
As of 9:10 a.m. on the 24th, Hanwha Aerospace is trading at 903,000 won, down 16,000 won (1.74%) from the previous trading day in the securities market.
At the same time, shares of Poongsan (9.34%), LIG Nex1 (8.1%), Hyundai Rotem (5.84%), and Hanwha System (1.96%) are also declining.
The news of the ceasefire agreement between Israel and Iran in the morning seems to have dampened investor sentiment toward the defense sector. These stocks have seen significant increases over the past week as tensions in the Middle East escalated.
U.S. President Trump noted on the 23rd (local time) that Israel and Iran have agreed to a 'complete and comprehensive' ceasefire regarding the military conflict that has been ongoing for 12 days.