KOSDAQ (Korean Securities Dealers Automated Quotations, Korean: 코스닥) is a trading board of Korea Exchange (KRX) in South Korea established in 1996. Initially set up by Korea Financial Investment Association as an independent stock market from the Korean Stock Exchange, it was benchmarked from the American counterpart, NASDAQ. KOSDAQ is an electronic stock market, just like NASDAQ. The open hours for the market are 09:00AM to 03:00PM KST.
It is now operated as SME Market Division of KRX. As per 19 February 2008, 1029 companies are listed on KOSDAQ for trading.
The South Korean Government, in July 1986, passed the "Market Organization for Vitalization of Publicly Traded Assets for Small Businesses Act" in order to provide a way for small and intermediate businesses to raise capital through publicly traded shares, and to provide investors with new routes of investments. In April 1987, the Market Organization was achieved, and the first three companies were registered.
In May 1996, the KOSDAQ Securities Exchange (코스닥증권시장) was established in order to vitalize, modernize and fully computerize the market. KOSDAQ went into fully service in July 1, 1996.
During the 1997 Asian financial crisis, KOSDAQ market indexes plummeted and investors suffered heavy losses, but due to the quick recovery of the South Korean Economy, KOSDAQ saw rapid recovery and increase in market capitalization through the early 21st century.
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