South Korea's local stocks have hit two quadrillion won in market capitalization.

According to the Korea Exchange on Tuesday, the value of the combined market cap of the main Korea Composite Stock Price Index(KOSPI) and the tech-heavy KOSDAQ amounted to two-point-19 quadrillion won upon Monday's closing. 

That's double the amount seen in July 2007 when the total value of the two bourses first surpassed the one quadrillion won mark. 

The recent surge has been attributed to the benchmark KOSPI hitting the 26-hundred mark for the first time as well as KOSDAQ surpassing the 920-threshold for the first time in 16 years.

Market capitalization of the KOSPI hit one-point-69 quadrillion won while shares on KOSDAQ amounted to 330 trillion won, marking new highs for both bourses.