KOSPI · November 10, 1998
Where the winning streak stopped
-5.00%
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?
- 10 November 1998 — the KOSPI fell 5.00%. No single cause for that one day could be pinned down
- For the previous ten days or so this market had risen almost every session. There was plenty to give back
- The autumn advance came from the global funding market thawing: three US rate cuts, and a group of banks absorbing a large hedge fund
- Korea was in the middle of its own currency crisis and unusually sensitive to conditions abroad — large moves in both directions
- The pullback from 9 November to 11 November came to 5.60%, over in two sessions
- That run carried on until the pre-crisis high returned in late April the following year
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.