KOSPI · October 14, 2002

The Monday after two big American sessions

+4.55%

single-day change vs previous close

Part of a longer stretch

Eleven months when the card bills came due

midway through · 2002-04-18 → 2003-03-17, -45.05% over the whole period

What happened that day?

14 October 2002 — the KOSPI rose 4.55% to close at 614.27
American stocks had risen sharply on the Thursday and Friday before. Seoul took it on Monday, after the weekend
The American rally came from third-quarter results at the large banks reading better than feared — confirmation that a chain of corporate defaults had not arrived
The American low had come that Wednesday, 9 October. In hindsight it was the bottom of the whole dot-com collapse
Korea was in a different place. The KOSPI had collapsed in a single day four sessions earlier, and this took that back
Korea's worry was domestic rather than foreign: household borrowing on credit cards was not coming back
So the KOSPI's low came four months after America's, in March the following year. From the mid-June high to there the fall was 28.84%

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.