Market capitalization of South Korean stocks has surpassed three quadrillion won, or around two-point-two trillion U.S. dollars, for the first time on record.

According to the Korea Exchange on Thursday, the market capitalization of local shares stood at just over three quadrillion won — two-point-six quadrillion won on KOSPI, 413-point-nine trillion won on KOSDAQ, and three-point-two trillion won on KONEX.

The record-breaker can be attributed to an increase in the number of quoted shares, which rose from 119-point-four billion shares late last year to 120-point-five billion shares on Thursday.

Above all, the recent uptrend in the domestic stock market is cited as the biggest factor, with the benchmark KOSPI continuing a four-month streak of increase since April.

Although there is concern about pressure from a short-term surge on the main bourse, many market insiders are optimistic about a continued rally.