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China’s Chengdu Aircraft Corporation (CAC) saw its share price soar over 17 percent after reports emerged that Pakistan Air Force (PAF) shot down multiple Indian warplanes, including Rafale jets.
The sharp rally followed Pakistan’s Defence Minister confirming that five Indian fighter jets had been brought down overnight.
CAC, the manufacturer of JF-17 and J-10C fighter jets used by PAF, saw its stock price spike to CNY 71.08 on the Shenzhen Stock Exchange – up 18 percent from the previous day. By midday, it was still trading strong at CNY 68.88, marking a 16.29 percent gain.
According to media reports, the PAF destroyed six Indian aircraft, including three French-made Rafale jets, one MiG-29, an SU-30, and a Heron drone.’
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“No PAF aircraft were harmed, and all returned safely,” a military spokesperson said. The jets were reportedly attempting to use stand-off munitions against Pakistani targets.
In contrast, France’s Dassault Aviation, the maker of the Rafale, saw a drop in its stock value on the Paris Stock Exchange. Dassault shares fell EUR 5.40 (1.64 percent) to EUR 324 and are expected to drop further amid performance scrutiny.
Analysts say the contrasting stock market reaction reflects growing investor confidence in China-Pakistan military technology.
CAC’s joint development of the JF-17 Thunder with Pakistan is now receiving global attention, especially in the wake of these battlefield reports.
