Chinese defence stocks witnessed heavy buying in trade on Friday, June 13, rallying up to 13% amid speculations that the Iran-Israel conflict could drive demand for Chinese defence equipment as Iran vowed to retaliate against the Israeli air strike on Tehran.
Chinese defence stocks
The flagship Chinese defence index gained almost 2% in intraday deals, with a majority of its constituents closing in the green. As of the close on Friday, HS China A Aerospace & Defence was up 1.68% to 4,287.21. During the day, the Chinese defence stocks index had topped the 4,300 level to 4,305.97, yet it remained some 13% away from its 52-week high of 4,968.09.
