KOSPI · January 15, 2009
The Last Winter of the Crisis
-6.03%
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?
- 15 January 2009 — KOSPI fell 6.03%, once the crisis had moved fully into the real economy
- Korea depends heavily on exports. When consumption stopped in the US and Europe, exports fell sharply
- That flowed into factory utilisation and employment. The problem wasn't the financial system but that the orders themselves had disappeared
- Korea's response was comparatively fast
- A weaker won improved exporters' price competitiveness, and fiscal spending was brought forward
- Fell 37.48% from peak. Bottomed two months later, and the recovery was among the quicker ones internationally
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.