With the KOSPI breaking above 7,000 for the first time on Tuesday, Mirae Asset Securities surged and moved past Shinhan Financial Group in market capitalisation. After earlier overtaking Woori Financial Group and Hana Financial Group, it has now also surpassed Shinhan Financial, reshaping market-cap rankings among financial shares.

According to the Korea Exchange, Mirae Asset Securities was trading at 83,800 won as of 12:34 p.m., up 19.20 percent from the previous session. Its market value expanded to 468.4 trillion won, narrowly topping Shinhan Financial's 468.0 trillion won. The gap between the two stood at about 34.8 billion won.

The rise in Mirae Asset Securities' share price is seen as stemming from a sharp KOSPI rally combined with improved investor sentiment toward brokerage shares. The KOSPI moved above 7,000 at the open to set a new record high, and risk-on demand focused on large caps spread across financial shares more broadly.

The expansion in Mirae Asset Securities' market value happened over a short period. The company had already moved past Woori Financial early this year and then overtook Hana Financial as well. In March, Mirae Asset Securities' market value stood at 380.5 trillion won, above Hana Financial's 307.0 trillion won and Woori Financial's 242.6 trillion won.

Moving past Shinhan Financial on Tuesday also carries symbolic weight. The four major financial holding companies have long occupied top positions in market-cap rankings among domestic financial stocks. With a brokerage surpassing Woori and Hana and now competing with Shinhan for ranking, the bank holding company-led structure of financial shares has effectively developed cracks.

A favourable stock market environment and the highlighting of the group's investment asset value are cited as factors behind Mirae Asset Securities' strong performance. Earlier, the market highlighted the value of Mirae Asset Group's SpaceX-related investment, sending Mirae Asset Securities shares sharply higher.

Mirae Asset Securities led the increase in market value across Mirae Asset Group. The combined market value of Mirae Asset Group rose from 175.4 trillion won at the start of the year to the 470 trillion won range as of last month, and the increase in Mirae Asset Securities' market value was the largest portion. Mirae Asset Securities' market value rose by about 240 trillion won, from 139.9 trillion won at the start of the year to 383.3 trillion won last month, the tally showed.

In the financial investment industry, assessments are emerging that Mirae Asset Securities' share-price move goes beyond a simple brokerage rally and is tied to a reassessment of relative value within financial stocks.

Analysts say market interest in Mirae Asset Securities is continuing as expectations grow for increased brokerage trading value following the KOSPI's break above 7,000 and as the value of alternative investments and global investment assets comes into focus.