KOSPI · June 3, 2004
China cooling, Korea feeling it first
-4.27%
single-day change vs previous close
Part of a longer stretch
Three months as China hit the brakes
midway through · 2004-04-23 → 2004-08-02, -23.13% over the whole period
What happened that day?
- The KOSPI fell 4.27% on the day — the second-largest drop of this stretch
- **No single cause for that day has been pinned down.** What is established is that it sat in the middle of a four-month decline
- Three things overlapped in the background: China squeezing lending, oil above forty dollars a barrel, and US rates about to rise
- Korea was exposed to all three — it sells heavily into China, imports all its oil, and carries a large share of foreign money
- The whole stretch ran four months
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.