New Delhi, March 6 -- South Korean defence stock LIG Nex1 Co. surged more than 17% on Friday, March 6, extending its sharp rally since the outbreak of the US-Iran war in the Middle East. LIG Nex1 stock price surged as much as 17.8% to 899,000 KRW on the Korea Exchange.

The defence stock had already rallied 26% in the previous session and jumped nearly 30% on March 3. In five trading sessions, LIG Nex1 shares have skyrocketed 78.7%, taking the company's market capitalisation near 18 trillion KRW.

The rally in the South Korean defence stock comes amid reports that its air defence systems were used to intercept Iranian missiles launched at the United Arab Emirates, as the Middle East conflict intensified.

Local media reports suggest that ...