KOSPI · August 23, 1999

The Monday it turned, in a summer of breakups

+4.46%

single-day change vs previous close

Part of a longer stretch

The Daewoo collapse

midway through · 1999-07-09 → 1999-10-05, -23.00% over the whole period

What happened that day?

August 23, 1999 — the KOSPI rose 4.46% to 917.58. No single cause for the day could be pinned down
A large conglomerate had collapsed that summer, and the investment products holding its paper became the problem
If everyone pulled their money at once the fund houses could not stand. Measures to prevent that were being put together
It capped three straight gains and was the highest close since August 12
From July 9 to October 5 the episode ran -23.00%. This rise sat inside it
Two sessions later it jumped again. The move held into late September, then broke in October

Sources

KOSPI

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.