Shares of Chinese defence-manufacturing companies rallied on Wednesday, as the escalation in border tensions between India and Pakistan boosted the outlook for mainland exporters, Bloomberg reported.
Pakistan, which has imported a bulk of the defence equipment including J-10C fighter jets, claimed to have shot down five Indian planes, including a French Rafale jet. This led to speculation that Chinese defence platforms may have been deployed in the conflict, given Pakistan’s recent heavy reliance on such arms imports.
An index of Chinese defense companies in mainland China jumped 1.6 per cent to a two-week high. The J-10C fighter jet maker Avic Chengdu Aircraft Company was among the biggest gainers, with its stock rising the most since Oct 14.
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