KOSPI · March 2, 2009
Four months of testing the bottom twice
+8.53%
trough back to the old high
86 trading days · 2008-10-24 → 2009-03-02
What happened that day?
- From the low on 24 October 2008 to 2 March 2009, the KOSPI managed only 8.53% over 86 trading days
- The number looks calm, but the path was not. It rose more than a quarter in two weeks, then gave back close to a fifth, repeatedly
- 24 October was the first bottom of the financial crisis. The KOSPI fell more than ten percent that single day
- Korea's problem in this period was dollars rather than share prices. There was deep worry that banks could not repay dollars they had borrowed short-term
- A currency swap agreed between the Korean and US central banks in late October reduced that worry sharply
- 2 March of the next year was the second bottom, and the advance lasting nearly two years starts there
- This is a phase where the bottom was not one point but two
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.