Shares of Chengdu Aircraft Corporation (CAC) on the Shenzhen Stock Exchange surged by 11.85 points following reports that Pakistan had downed several Indian Rafale fighter jets during a nighttime confrontation.
CAC, a Chinese aerospace firm that produces JF-17 and J-10 fighter jets for Pakistan, saw its stock price hit CNY 71.08 at 9:45 AM PKT—an increase of 18%. By 11:45 AM, the shares were trading at CNY 69.42, still up by over 17%, and by 11:51 AM, they remained elevated at CNY 68.88, marking a 16.29% rise.
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In contrast, France’s Dassault Aviation, maker of the Rafale jets, saw its shares fall over 5% on the Paris Stock Exchange after reports of Pakistan Air Force downing up to six of its aircraft. By 11:53 AM PKT, Dassault shares were down EUR 5.40 (1.64%) at EUR 324.
Pakistan’s Defence Minister earlier confirmed that five Indian fighter jets had been destroyed during the conflict.
