KOSPI · July 22, 2002

The Monday after the biggest bankruptcy

-4.47%

single-day change vs previous close

Part of a longer stretch

Eleven months when the card bills came due

early in it · 2002-04-18 → 2003-03-17, -45.05% over the whole period

What happened that day?

July 22, 2002 — the KOSPI fell 4.47% to 720.90
The day before, a Sunday, a large US telecom filed for bankruptcy protection — the largest filing in US history at the time
Its accounting fraud had surfaced months earlier. The filing was the distrust of corporate books turning into fact
Asian markets took the news all at once on Monday morning. Seoul priced it in a single session
It was the second straight decline and the lowest close since June 27
It was the fifth largest one-day fall of the year
From April 18 to October 10 the episode ran -37.71%. The bottom came in October

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.