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Defense stocks surge after N. Korea’s ‘very important test’

Shares of South Korean defense-related firms jumped Monday in the wake of North Korea’s announcement about a “very important test” at its western satellite launching site over the weekend.

Shares of asphalt plants manufacturer Speco closed nearly 12.9 percent higher from the previous session, at 4,115 won ($3.46). Victek, a provider of military systems and power supply systems, extended gains for the second day and closed nearly 2 percent up at 3,275 won. Both firms are listed on the country’s secondary tech-heavy Kosdaq bourse.

Meanwhile, military communication equipment manufacturer Huneed Technologies’ shares on the main bourse Kospi rose nearly 2.2 percent and closed at 7,560 won. 


(Yonhap)
(Yonhap)

Firstec, another Kospi-listed firm and an aviation defense company, extended gains for four consecutive days closing nearly 0.7 percent higher at 2,150 won.

The North’s Academy of National Defense Science said Sunday that it has successfully conducted a test, without mentioning details. However, it is thought to be a rocket engine experiment.

By Jie Ye-eun (yeeun@heraldcorp.com)
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