The total market capitalization of South Korea’s 10 biggest business groups surged nearly 30 trillion won ($27 billion) in August alone, according to data provider FnGuide Sunday.

According to the online financial information provider, the total market cap of the top 10 groups listed on the Kospi as of Friday stood at 690.2 trillion won, up 29.8 trillion won or 4.5 percent from late July. 

The market cap of Samsung Electronics snowballed 19.2 trillion won to 237.3 trillion won, accounting for 20.3 percent of the benchmark Kospi.

The No.1 smartphone-maker’s share price recorded new highs for two days in a row last week.

On Thursday, the stock closed at 1.6 million won, up 4.73 percent from the previous day, breaking the previous record of 1,576,000 won made on Jan. 3 in 2013.

The stock continued to soar to an all-time high of 1,675,000 won on Friday, up 2.13 percent, thanks to rising expectations of the company’s performances in the second half of the year.

Some market analysts bet on Samsung Electronics reaching 2 million won in share value.

“High sales of the Galaxy Note 7 on reservations and 3-D NAND, flexible OLED technologies would help improve the electronics giant’s performances in the coming months,” said Euh Kyu-jin, an analyst at EBEST Investment & Securities.

The aggregate market cap of 15 Samsung subsidiaries stood at 346.2 trillion won, up 26 trillion or 8 percent from last month, the data showed.

SK Group’s ballooned 1.7 trillion won this month, totaling 81.6 trillion won as of Friday. Hyundai Heavy Industries Group gained 1.06 trillion won. LG and Hanwha added about 500 billion won each to their market cap.

Lotte and POSCO, on the other hand, saw their market cap decline in August.

Behind the gains, there are foreign investors showing strong appetites for Korean shares. Last week alone, foreigners snatched up a total of 243.3 billion won worth local shares, despite high volatility stemming from fluctuating foreign exchange rates and growing risks of a US interest rate hike.

“This week, the Kospi’s fate is in the hands of Samsung Electronics,” said Kim Yong-gu, an analyst at Hana Financial Investment. “Samsung is expected to break the record again, and this would help the Kospi get rid of its ‘Boxpi’ stigma, surpassing the 2,060 mark.”

Kim predicted that the Kospi would reach 2,080 points, if the Samsung rally continued.

By Song Su-hyun (song@heraldcorp.com)