[Digital Today reporter Sang-yeop Oh (오상엽)] South Korea's stock market extends a steep rally and rises to sixth in the world by market capitalisation.

As of May 11 based on Bloomberg tallies, the KOSPI market value stands at 6,216.22 trillion won (about $4.22 trillion) and the KOSDAQ at 660.47 trillion won (about $448.3 billion).

The combined market capitalisation of the KOSPI and KOSDAQ is tallied at 6,876.69 trillion won (about $4.66 trillion).

On the same basis, Taiwan's weighted stock index (TAIEX) market value is 135.86 trillion Taiwan dollars (about $4.33 trillion). South Korea's stock market value therefore moves past Taiwan to rank sixth worldwide.

South Korea's market capitalisation has expanded rapidly this year. The combined value of the KOSPI and KOSDAQ is up 78 percent from the start of the year. That far exceeds the 46 percent rise in the TAIEX market value.

South Korea's stock market has recently overtaken major markets in succession. It moved past Britain on April 27 and then edged ahead of Canada on May 7, and has now surpassed Taiwan.

The rally in domestic shares is led by large chipmakers. Samsung Electronics and SK Hynix shares surge on expectations of a semiconductor super cycle, lifting the KOSPI 86 percent this year.

Taiwan's stock market also shows strength centred on TSMC, the world's largest foundry company. TSMC accounts for more than 40 percent of the TAIEX, and the TAIEX is up 44 percent from the start of the year.

But South Korea's gains are far outpacing Taiwan's, and that appears to have reversed the two markets' market-capitalisation rankings.