China's defence stocks jump up to 10% led by AVIC Shenyang as Pakistan announces arms purchase
AVIC Shenyang Aircraft
Company, whose stock surged over 10% following Pakistan's announcement that it plans to buy J-35 stealth fighter jet from the Chinese company.
Touted as one of the country's most-advanced fighter jets, the deal is seen as a part of major arms purchase by India's western neighbour.
On Friday, the government of Pakistan in a social media post said that it would acquire 40 J-35 fifth-generation fighter jets, KJ-500 airborne early warning and control aircraft, as well as HQ-19 ballistic missile defense systems.
Shares of AVIC Shenyang Aircraft have remained unbeaten for the past three trading sessions, Today's rally has extended stocks gains to 13% in the past five sessions. While it is a month since the ceasefire between India and Pakistan was implemented, AVIC Shenyang Aircraft shares have jumped 18% in this period.
An armed escalation broke out between India and Pakistan between May 7 and May 10 as India hit several targets in Pak Occupied Kashmir (PoK) to avenge the killings in Pahalgam where 26 innocent tourists were killed.
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AVIC Shenyang Aircraft has been in the thick of action owing to its J-35 stealth fighter jet
Meanwhile, other Chinese defence stocks also saw a positive rub-off impact as Aerospace Nanhu Electronic Information Technology Co., whose shares jumped as much as 15% on the intraday basis. This counter has rallied 10% in the past five trading sessions.
Aerospace CH UAV Co shares were up by over 1% while Inner Mongolia First Machinery Grp Co was 4% higher.
The J-35 sale to Pakistan would mark China's first export of the fifth-generation jet, which has advanced stealth capabilities for penetrating the airspace of an adversary, a Bloomberg report said. The fighter was developed by Shenyang Aircraft Corporation and publicly unveiled at the 2024 Zhuhai Airshow, it added.
The KJ-500 aircraft would improve Pakistan's radar coverage and its smaller size allows for nimbler use in regional clashes. The HQ-19 surface-to-air missile systems would enhance the country's ability to intercept ballistic missiles.
The deal comes amid persisting tensions between Pakistan and India. The nuclear-armed neighbors clashed several weeks ago, with both sides trading air, drone and missile strikes, as well as artillery and small arms fire along their shared border in early May.
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