PAF Shoots Down Rafales, Chinese Jet Maker’s Stocks Soar
Following the confirmed downing of India’s French-made 4.5-generation Dassault Rafale fighter jet by the Pakistan Air Force during last night’s engagement, shares of the Chengdu Aircraft Corporation saw a sharp rise on the Shenzhen Stock Exchange, gaining 11.85 points.
Chengdu Aircraft Corporation, a Chinese aerospace group known for designing and manufacturing fighter jets, produces both the JF-17 and J-10 aircraft for the Pakistan Air Force.
On Wednesday, at 9:45 a.m. Pakistan time, Chengdu’s stock surged by CNY 11.9 (an 18% increase), reaching CNY 71.08. By 11:15 a.m., the shares were still trading in the green, up by CNY 10.19 (17.17%) at CNY 69.42. About six minutes later, the shares were up CNY 9.65 (16.29%) at CNY 68.88.
In contrast, France’s Dassault Aviation—maker of the Rafale jets—experienced a sharp decline of over 5% on the Paris Stock Exchange. The confirmation by Pakistan’s Defence Minister Khawaja Asif that five Indian Rafale jets were shot down by the PAF following India’s missile strikes had a major impact on investor confidence.
At 11:53 a.m. Pakistan time, Dassault Aviation’s stock fell by €5.40 (1.64%), trading at €324. The incident has drawn global attention toward the combat effectiveness of Pakistan’s JF-17 and J-10C jets, while raising serious questions over India’s reliance on Rafale aircraft.
