KOSPI · January 3, 2023
Two months of slipping into year end
-10.65%
peak-to-trough, the whole slide
36 trading days · 2022-11-11 → 2023-01-03
still below that peak today
What happened that day?
- From the high on 11 November 2022 to the low on 3 January 2023, the KOSPI fell 10.65% over 36 trading days
- It was a give-back after a strong bounce off the October low, triggered by the US central bank saying rates would keep rising for longer
- At home, funding for property development projects had been seizing up since the autumn
- When a local government delayed repayment on a bond it had guaranteed, the whole credit market froze, because it signalled that guarantees might not hold
- Government stabilisation measures calmed the problem, but funding costs stayed high
- 3 January was the low of this phase and the starting point of the advance that followed
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 written from the sources listed above.