KOSPI · January 6, 1999

The big up-day that turned out to be the top

+6.17%

single-day change vs previous close

Part of a longer stretch

Korea's post-IMF rebound

midway through · 1998-06-16 → 1999-04-27, +183.56% over the whole period

What happened that day?

The KOSPI rose 6.17% to close at 612.36. No single trigger for the day could be pinned down
The odd part is that this day was the top of the correction that followed. The big up-day was the peak
Since the summer 1998 low this market had been climbing steeply for more than six months, with rates falling and foreign money returning
After a fast climb, daily gains get larger — and the retracement gets closer
The correction that started here ran 18.61% to the late-February low
Once through it, the rise resumed and the pre-crisis high returned in April

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