Korea's 3rd bourse faring poorly in 2nd half

South Korea's stock market for venture firms and startups has been in the doldrums after reaching a peak in July despite a series of measures to kickstart it, data showed Thursday.

The daily average turnover of the Korea New Exchange market in October came in at 1.29 billion won ($752,000), down from the previous month's 1.48 billion won, according to the data by the Korea Exchange.

It marks the third consecutive on-month fall after the turnover reached a peak of 3.34 billion won in July. The comparable figure for August was 2.08 billion won.

The bourse performed well throughout the first half of the year, with the turnover showing a steady increase from 753 million won in January to 1.5 billion won in March and to 18.8 billion won in May.

The average daily trading volume has also tumbled to 117,528 in October since its peak in July, when the market logged 230,349 transactions, according to the data. 

"KONEX seems affected by the tepid KOSPI and KOSDAQ markets due to the global recession," said a KRX official, citing the country's main and secondary tech-laden bourses.

"In accordance with the recovery of the overall economic situation, the government's supportive measures for the KONEX market will make desirable results," he added.

KONEX opened in June 2013 as a bourse where fledgling businesses could raise funds easier via stock sales than having to borrow from banks. After starting with 21 companies, 93 companies are now listed on KONEX.

With an aim to invigorate the market, which is seen as an incubator for young businesses, the financial regulator put forth a set of measures in June, including the reduction of the minimum investment requirement for retail investors by a third to 100 million won. (Yonhap)