Shares Of Chinese JF-17 Manufacturing Company Rise After Pakistan’s Action

Less than two hours after Shahid Latif's tweet, shares of Shenzhen-listed Sichuan Chengfei Integration Technology rose 10% in 5 minutes

Islamabad (UrduPoint / Pakistan Point News – 4th March, 2019) The shares of Chinese JF-17 fighter jet manufacturer's sister company surged after a former Pakistani officer's tweet claiming the planes were used by Pakistan Air Force (PAF) to shoot down Indian military aircraft, according to a media report.

Retired PAF Air Marshal Shahid Latif had early on Wednesday tweeted, "Proud to announce, I was project director for JF-17 Thunder program jointly produced by Pakistan and China during the tenure of General Pervez Musharraf. Today, same jets targeted and shot down Indian Jets which entered Pakistani Airspace.”

Less than two hours after this tweet, shares of Shenzhen-listed Sichuan Chengfei Integration Technology (CAC-SCIT), a sister company of JF-17 maker Chengdu Aircraft Corporation (CAC), rose 10 per cent in five minutes - hitting the maximum daily rise allowed on the Chinese stock market, Chinese media reported.

The Pakistan Air Force (PAF) had on Wednesday shot down two Indian fighter jets that entered Pakistani airspace near the Line of Control besides capturing Indian pilot Abhinandan.

Indian Army had also claimed that Pakistan used several US-made F-16 aircraft to target military establishments in India. However, no damage was done, they said.