KOSPI · September 24, 1998

The week global finance exhaled

+6.45%

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 rose 6.45% to close at 310.75. No single trigger for the day could be pinned down
After Russia defaulted that summer, lenders everywhere pulled back at once
In late September a group of banks absorbed a large hedge fund and America began cutting rates. The tension was starting to ease
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
The correction ran 20.27% from the July high to the August low. This day sits in the recovery after it
That run carried on until the pre-crisis high returned in 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.