South Korea's Kosdaq has cooled too (see chart), but GEM is on a worse spiral.

CNN: World's Worst Bourse?

Another boost for Kosdaq: South Korea has one of the highest levels of online stock trading in the world.

CNN: Feeling Young At Heart

The Kosdaq stock exchange, which caters to the sorts of small, growth companies that day-traders like to follow, has become the most heavily traded market in the world.

ECONOMIST: Korean finance

Half of all shares traded on Kosdaq come from Internet orders, a proportion that far outstrips even the U.S. Foreign money is goosing the Kosdaq too, with America a prime source.

CNN: Feeling Young At Heart