Global markets today: J-10 fighter jet maker AVIC Chengdu share price surges 10% after Israel-Iran ceasefire
The Chinese defence sector rallied 3.8% to its highest since November, boosting onshore shares, a Reuters report said. The gains in the defence stocks came even as the Chinese stock market turned lacklustre. At the midday trading break, China's blue-chip CSI300 Index was little changed at 3,922.29 after gaining 2% last week.
AVIC Chengdu Aircraft shares opened at 83.80 yuan apiece, slightly higher than the last closing price of 82.20 yuan. The Chinese defence stock extended gains to the day's high of 90.30 yuan as the session progressed, nearing its 52-week high of 97.55 yuan.
The J-10 fighter jet maker's stock has been in an uptrend following the Iran-Israel ceasefire last week. The stock has added almost 11.5% in the last four sessions. AVIC Chengdu Aircraft's stock is also slated to end June on a firm note, with an over 14% rise after a whopping 31% surge in May.
The stock caught investor attention after the India-Pakistan conflict. The Pakistan Air Force deployed the J-10 fighter jet against India, although it failed to make an impact against India's military prowess.
Anshul Jain, Head of Research at Lakshmishree Investments, expects the Chinese defence stock AVIC Chengdu to hit new highs on a breakout above 89 yuan.
'AVIC Chengdu on the weekly chart is forming a 28-day-long rounding bottom pattern and is poised for a bullish breakout if it closes above 89. A sustained close above this level could push the stock towards an immediate target of 104 in the coming weeks,' the analyst said.
Jain, however, added that volumes so far have been slightly lacklustre, making it important to watch for a breakout supported by strong, above-average volumes to build conviction. If that happens, fresh longs can be confidently accumulated for further upside with a favourable risk-reward setup, he opined.
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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