KOSPI · November 2, 1998

The autumn the crisis lifted

+5.16%

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?

2 November 1998 — the KOSPI rose 5.16%. No single cause for that one day could be pinned down
This was a run of consecutive up-days, from late October into early November
The global funding market that froze after Russia's summer default was thawing
America cut rates three times that autumn, and a group of banks absorbed a large hedge fund. The tension came down in steps
Korea was in the middle of its own currency crisis and unusually sensitive to conditions abroad. When the world exhales, this market moves a lot
That run carried on until the pre-crisis high returned in late April the following year
The pullback over the ten days or so after this was only 0.97% — barely a giveback at all

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.