The bullish mood in Korean main and secondary markets has spilled over to the smaller and venture-focused Korea New Exchange (Konex), sending the daily trade turnover in the three-year-old bourse to its highest level.
According to Korea Exchange on Thursday, the trade turnover on the Konex market from November 1 to 22 averaged 3.83 billion won ($3.5 million) a day, refreshing the monthly average high of 3.04 billion won set in July, 2016.
Daily transaction until September hovered at 1.3 billion won, below last year’s average of 2.47 billion won. Market activity picked up to hit 11.73 billion won on Nov. 15, second highest-ever, as a government emphasis on promoting venture and startups turned investors’ attention to the third market.
Active accounts - referring to accounts where many transactions occur - for Konex members totaled 1,123 on average a day in November, beating the previous high of 1,012 set in July last year.
The stocks posed appealing as cheaper bets for investors rushing to grab venture and bioengineering stocks amid government actions to promote Kosdaq market and startups, said an official of Korea Exchange.
Currently, 46 out of 152 Konex members are in bioengineering or related category. They took up 70 percent of the trade turnover.
By Shin Heon-cheol and Lee Ha-yeon
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]