Chinese Defense Companies Soar as Pakistan Touts Arms Purchase
Shares of Chinese defense companies rallied Monday, after Pakistan said it intends to buy one of the Asian power's most-advanced fighter jets as a part of major arms purchase.
Shares of AVIC Shenyang Aircraft Company — the maker of China's J-35 stealth fighter jet, which is the centerpiece of the package — soared by their 10% daily limit in Shanghai, extending gains for the third consecutive session. The stock led a rally across other defense names such as Aerospace Nanhu Electronic Information Technology Co., whose shares jumped as much as 15%.
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