KOSPI · June 18, 1998

Two days past the bottom

+7.14%

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?

The KOSPI rose 7.14% on the day. 16 June had been the bottom of the whole crisis
At that bottom the index stood at about a third of its June 1997 high
Around this time the US and Japan intervened to stop the yen weakening further. A cheaper yen had been dragging every Asian currency down with it
At home, bank restructuring began in earnest, with five failed banks marked for resolution
The measures were painful, but the market read them as the problem finally being admitted and dealt with
The rebound that began here nearly tripled the index in ten months — the steepest recovery in KOSPI history

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.