Which market suffered the world’s largest one-day percentage drop during the 1987 global crash?

The New Zealand Stock Exchange suffered the world’s largest one-day percentage drop during the 1987 global crash.

New Zealand’s share market fell about 60% from its peak during the crash period, with the sharpest losses occurring as the international sell-off reached the country. The decline was especially severe compared with the falls recorded in larger markets such as the United States and the United Kingdom.

The global episode began in October 1987 and affected markets across Asia, Europe, North America, and Oceania. New Zealand’s economy and financial system were also undergoing major changes after the country’s deregulation reforms, which made the market particularly vulnerable to rapid repricing.

The New Zealand figure is sometimes missed because popular accounts focus on the Dow’s 22.6% Black Monday fall. The Dow recorded the most famous single-day loss, but New Zealand experienced a much larger percentage decline over the broader crash period.