KOSPI · June 26, 2002
The Accounting Scandals — KOSPI
-7.15%
single-day change vs previous close
Part of a longer stretch
Eleven months when the card bills came due
early in it · 2002-04-18 → 2003-03-17, -45.05% over the whole period
What happened that day?
- 26 June 2002 — KOSPI fell 7.15%, just after large-scale accounting fraud surfaced at a major US telecom
- Coming after Enron the previous year, the repetition mattered
- It spread a perception that the problem lay in the audit system, not in individual firms
- If investors can't trust reported numbers, no share price has a foundation
- Korean equities had no direct connection to the fraud, but fell alongside as money left emerging markets
- That local conditions matter little in a global risk-off phase recurs throughout this list
- Fell 37.71% from peak
Sources
Every figure on this page is recomputed from the original daily closing prices and checked against them at build time. The account of what happened is written from the sources listed above.