Hanwha Systems Shares Rally After U.A.E. Investment Pledge

Kwang Woo Jun

Hanwha Systems shares rebounded on Tuesday after South Korea secured a hefty investment pledge from the United Arab Emirates focused on the defense sector.

Shares of a South Korean company that supplies the UAE with radars to intercept missiles and aircraft surged 14 percent in morning trading to 13,250 won ($10.67), its fastest gain in a day. I got on track to record. 2 years. Stock benchmark Kospi was recently down 0.5%.

South Korean President Yoon Seok-yeol said on Sunday that the UAE will invest $30 billion in South Korea's defense, nuclear power and nuclear power after a summit with UAE President Sheikh Mohammed bin Zayed Al Nahyan. After saying it had decided to do so, the defense company advanced to two consecutive sessions. Further expand economic ties with other industries.

Hanwha Systems last year signed a $1.1 billion contract to supply the UAE with multifunctional military radars. It is a key part of his $3.4 billion medium-range surface-to-air missile system that South Korea has agreed to export to the Middle Eastern country.

Known as "Cheongung II" in South Korea, the system is designed to intercept incoming ballistic missiles and aircraft.

Write to Kwanwoo Jun at kwanwoo.jun@wsj.com.

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