KOSPI · July 23, 1998

Still shaking after the bottom

-5.69%

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 fell 5.69% to close at 341.46. No single trigger for the day could be pinned down
The low of this episode had passed a month earlier, on 16 June. Days like this keep coming after a bottom
Korea's problem that summer was corporate failures and unemployment — the currency crisis moving into the real economy
Banks were being named for closure and conglomerates were shedding affiliates, so prices moved hard on the daily news
The episode fell 45.11% from the March high to the June low
The direction had already turned, though. This market regained its pre-crisis high the following 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.