KOSPI · December 12, 2008
The morning after the car rescue stalled
-4.38%
single-day change vs previous close
Part of a longer stretch
Four months of testing the bottom twice
midway through · 2008-10-24 → 2009-03-02, +8.53% over the whole period
What happened that day?
- December 12, 2008 — the KOSPI fell 4.38% to 1,103.82. No single cause for the day could be pinned down
- Overnight, word came that the bill to rescue the US carmakers had failed in Congress
- Asia got the news first that morning. If a manufacturer that size goes down, the suppliers behind it go with it
- Korea, where cars and car parts are a large share of exports, reacted harder than most
- It cut off in one session the rebound that had run since late November — three days earlier the index had jumped
- The drop lasted one day. The next session recovered it, once Washington said it would find another route
- It was the lowest close since December 5, and the tenth largest one-day fall of the year
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 put together from the public record; where a specific source was consulted it is listed above.