Shares of China’s Chengdu Aircraft Corporation (CAC) at the Shenzhen Stock Exchange (SZSE) have skyrocketed by CNY 36 within a week following reports that Pakistan shot down an Indian Rafale fighter jet. Since May 5, CAC’s stock has surged 63%, reaching CNY 95.86 — a 20% gain as of 9:45 AM (Pakistan time) today.
In contrast, shares of France’s Dassault Aviation, the manufacturer of the Rafale, dropped 3.44% (EUR 11.2), closing at EUR 314.6 on May 9. The sharp contrast in stock performance reflects shifting investor sentiment following the air combat incident.
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India’s Air Force, during a press briefing, acknowledged losses in the skirmish, including Rafale jets, though the Defense Ministry avoided giving specifics. Their statement, “losses are part of combat,” has been widely interpreted as an indirect admission of the setback.
