KOSPI · September 7, 1998

The Monday after the hint of a cut

+4.46%

single-day change vs previous close

Part of a longer stretch

Korea's post-IMF rebound

early in it · 1998-06-16 → 1999-04-27, +183.56% over the whole period

What happened that day?

September 7, 1998 — the KOSPI rose 4.46% to 328.22. No single cause for the day could be pinned down
It followed Friday's signal out of the US central bank that a cut was possible
Money had been leaving emerging markets since Russia defaulted that summer. A US cut was read as something that could stop the drain
The index was in the low three hundreds — grinding along the floor laid after the currency crisis
It was the highest close since August 4
The gain did not survive four sessions. September 11 fell hard again
The real rebound came after October

Sources

KOSPI

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 put together from the public record; where a specific source was consulted it is listed above.