KOSPI · September 30, 2022
Korea's 2021–22 rate-hike bear market
-34.79%
peak-to-trough, the whole slide
303 trading days · 2021-07-06 → 2022-09-30
back to the old high on 2025-09-10
What happened that day?
- From the July 2021 peak to the September 2022 low the KOSPI fell 34.79% — 303 trading days
- The starting point was the US Fed raising rates fast to break inflation
- When US rates rise, money flows to the dollar and the won weakens. A weaker won gives foreign investors a reason to sell Korean shares
- At the same time the chip cycle turned down. Inventory built up during the pandemic sat unsold and prices kept falling
- Russia's invasion of Ukraine in February 2022 sent energy and grain prices up, adding to the inflation burden
- The old high returned on 10 September 2025 — three years
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.