finance
South Korean Defense Stocks Rise on Hopes of Easing Iran-U.S. Tensions
South Korean defense stocks rallied Tuesday on hopes of reduced tensions between Iran and the U.S. The move extended gains in South Korea-focused ETFs that have risen sharply over the past year.
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Benzinga reported. The rally extended a surge that has seen South Korea-focused ETFs gain between 16% and more than 1,400% over the past year. The iShares MSCI South Korea ETF (EWY), Direxion Daily South Korea Bull 3X ETF (KORU), and PLUS Korea Defense Industry Index ETF (KDEF) all participated in the gains.
09% on Tuesday. EWY has gained roughly 117% year-to-date and is up 218% over the past 12 months. 59%.
South Korea relies heavily on Middle Eastern energy imports.
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