KONEX market shows tepid growth since launch

The new venture-focused bourse in South Korea posted a sluggish growth since its launch in July, the financial regulator said Friday, giving weight to calls to revise its strict entry rules to spur expansion. The average daily turnover of the Korea New Exchange (KONEX) reached 390 million won (US$369,500) between July and Dec. 26, with its trading volume coming in at 60,000 shares per day in the same period, according to the Financial Services Commission (FSC). KONEX debuted on July 1 as part of the government's efforts to provide a third market for business start-ups and venture firms, where they can seek easier ways to raise funds via stock sales instead of having to borrow from banks.