[Featured Stock] Liquor Companies Surge on 'Biden's One Word'... MH Ethanol Hits Upper Limit

[Asia Economy Reporter Ji Yeon-jin] On the 13th, news that U.S. President Joe Biden will temporarily allow the sale of gasoline with increased alcohol content to lower gasoline prices has caused domestic alcohol manufacturers' stock prices to surge.

[Image source=Yonhap News]

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MH Ethanol is trading at 12,350 KRW on the KOSPI market as of 9:18 AM, up 29.59% compared to the previous day. As of 9:37 AM, Korea Alcohol (13.96%) and Changhae Ethanol (22.69%) are also recording steep increases.

Earlier, President Biden announced a plan to temporarily lift federal regulations banning the sale of gasoline with high ethanol (ethyl alcohol, C₂H?O) content this summer to reduce the higher gasoline prices caused by Russia's invasion of Ukraine.

Gasoline sold in the U.S. contains alcohol (ethanol), but mostly at 10%. The Environmental Protection Agency will issue an emergency waiver (E15) allowing the sale of gasoline containing 15% ethanol immediately after President Biden announces the waiver in Iowa, a major corn-producing state.

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