South Korea's stock market for venture firms and startups posted a sharp growth this year with its turnover more than doubling from a year earlier, data showed on Tuesday.

The Korea New Exchange debuted in June 2013 to provide a bourse where fledgling businesses can raise funds easier via stock sales instead of having to borrow from banks. After starting with 21 companies, KONEX currently has 71 firms.

According to the main bourse operator, the Korea Exchange, the daily average stock turnover on the KONEX market has reached 830 million won ($752,000) so far this year, compared with last year's average of 390 million won.

The comparable figures for the second quarter and the fourth quarter of last year were 260 million won and 590 million won, the bourse operator said.

Only institutional investors or an individual investor with a deposit of more than 300 million won are allowed to participate in the KONEX market. The minimum amount for a transaction is set at 100 shares.

The portion of retail investors rose to 78.9 percent this year from last year's 70.3 percent and 51.7 percent in 2013, the Korea Exchange said.

South Korea's main bourse has pledged support to develop the third stock market, still tepid from thin trading and low investor confidence, as an "incubator" to foster the growth of young businesses. (Yonhap)