KOSPI · October 20, 2004
A setback inside the recovery
-3.17%
single-day change vs previous close
Part of a longer stretch
Eleven months as domestic demand finally revived
early in it · 2004-08-02 → 2005-07-14, +47.57% over the whole period
What happened that day?
- The KOSPI fell 3.17% on the day
- Oil was setting records above fifty-five dollars a barrel at the time
- Korea imports all of its crude, so a higher oil price worsens the trade balance and pushes up inflation
- It also followed two months of rising from the August low, so the market was looking for a reason to give something back
- Exports stayed strong through this period, though. Chips and phones were selling well and Chinese demand was intact
- So the correction ended quickly and the advance ran to the following summer
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.