KOSPI · November 1, 1999

When the internet mania was at its peak

+5.16%

single-day change vs previous close

Part of a longer stretch

The millennium tech rally

early in it · 1999-10-05 → 1999-12-28, +29.88% over the whole period

What happened that day?

The KOSPI rose 5.16% on the day
The second half of 1999 brought an internet mania to Korea. It was fiercest on the KOSDAQ, whose index nearly tripled that year alone
Adding the word internet or telecom to a company's name was enough to move its price. Revenue was optional
What supported the advance was low rates and a new pool of household investment money. Interest rates had fallen sharply after the crisis
The KOSPI has telecom and electronics members that rose with it, but the heat was centred on the KOSDAQ
The bubble began deflating in early 2000, and over the following years the KOSDAQ index fell to less than a tenth of its peak

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.