Korean defense stocks rise as Seoul and Abu Dhabi seek to advance $35 billion project.

South Korean defense stocks rose on Friday as leaders from South Korea and Abu Dhabi are pushing for a new defense cooperation project worth $35 billion. The UAE has recently become a major buyer of South Korean air defense systems, and South Korea is seeking to expand its weapon sales to this Middle Eastern country - including the newly developed KF-21 supersonic fighter jet. In Friday's trading on the South Korean Composite Index, fighter jet manufacturer Korean Aerospace Industries briefly jumped 7.7%, while guided missile supplier LIG Nex1 briefly rose 5.4% in afternoon trading. The South Korean Composite Index fell 0.2%. The day before the rise in defense stocks, South Korean President Lee Jae-myung's special envoy announced that Seoul and Abu Dhabi have agreed to push forward with a $65 billion commercial cooperation project, including $35 billion in the defense sector.