KOSPI · November 20, 2008
The won slides, the market follows
-6.70%
single-day change vs previous close
Part of a longer stretch
Four months of testing the bottom twice
early in it · 2008-10-24 → 2009-03-02, +8.53% over the whole period
What happened that day?
- On 20 November 2008 the KOSPI fell 6.7% in a single day
- The swap line had calmed things in late October, but the won was sliding again through November
- As the global recession was confirmed, earnings forecasts for export-driven Korean companies came down
- A weaker won shrinks the dollar value of Korean shares for foreign holders — one more reason to sell
- US and Japanese markets fell hard the same day and Asia went down together
- The low had been 24 October; this was a relapse after it
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.