[Asia Economy Reporter Hyungsoo Park] Daemo, an excavator attachment manufacturer, is showing strong performance. The news that the European Union (EU) approved a loan-type financial support of 9 billion euros (approximately 12 trillion KRW) for Ukraine's reconstruction on the 30th (local time) appears to be influencing the stock price. Daemo maintains over 70% export ratio by establishing overseas bases in the United States, China, and Europe for efficient market expansion and customer satisfaction.
As of 9:54 AM on the 31st, Daemo is trading at 13,700 KRW, up 22.32% from the previous day.
Charles Michel, President of the EU Council, stated on Twitter that "The European Council, together with the Group of Seven (G7), will continue to support Ukraine's immediate liquidity needs" and that "we are ready to provide 9 billion euros to Ukraine."
He emphasized that this is "a strong and concrete support for Ukraine's reconstruction."
This came shortly after EU leaders partially agreed on the oil embargo included in the 6th round of sanctions against Russia. At an extraordinary summit on Ukraine held in Brussels, Belgium, EU leaders agreed to cut Russian oil imports by 90% by the end of this year.
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