KOSPI · December 5, 2001
The winter domestic demand revived
+5.91%
single-day change vs previous close
Part of a longer stretch
Seven months that doubled the index
midway through · 2001-09-17 → 2002-04-18, +100.02% over the whole period
What happened that day?
- The KOSPI rose 5.91% on the day
- The effect of countries cutting rates and supplying money together after the September attacks was coming through
- At home a policy of greatly expanding credit card use came on top: card spending earned a tax deduction and the bar for getting a card was lowered
- Spending revived quickly and shares in retail, construction and card companies rose sharply
- Across this stretch the KOSPI doubled in seven months, among the fastest advances in its history
- The other side of that policy appeared a few years later. Handing out cards without checking ability to repay came back as the card losses of 2003
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.