[Market Focus] Defense Stocks Weaken on News of Israel-Iran Ceasefire

Defense industry stocks are showing weakness following news of a ceasefire between Israel and Iran.

As of 9:18 a.m. on June 24, at the Korea Exchange, Hanwha Aerospace was trading at 883,000 won, down 36,000 won (3.92%) from the previous day. Hanwha Aerospace fell below 900,000 won, causing its market capitalization ranking to drop to ninth place. Poongsan was down 12.57%, LIG Nex1 fell 11.75%, Hyundai Rotem dropped 7.62%, and Korea Aerospace Industries declined 5.26%, respectively.

On this day, U.S. President Donald Trump announced that a ceasefire had been reached between Israel and Iran, stating that the military conflict between the two countries would officially end on June 25. President Trump wrote on his own social networking service, Truth Social, "Israel and Iran have agreed to a complete and comprehensive ceasefire for 12 hours," adding, "This ceasefire will begin six hours after Israel and Iran complete their ongoing final missions and withdraw."