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Aerospace & Defense

South Korean arms makers in spotlight after missile limit lifted

Shares of defense contractors LIG Nex1, Hanwha, KAI rise on long-term prospects

SEOUL -- The scrapping by the U.S. of a decades-old limit on how far South Korea's missiles can fly has boosted share prices of the country's key arms and aerospace manufacturers on expectations of future business.

The guidelines imposed 42 years ago had prevented South Korea from developing missiles with a range of over 800 kilometers. The decision to end the prohibition was announced during a summit between presidents Joe Biden and Moon Jae-in. It is a milestone for the East Asian country, which has long worked to gain more operational control in defense matters.

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