The combined market value of the top two players Samsung Electronics Co. and Hyundai Motor Co. has decreased to its lowest level in three years, data showed Wednesday, raising concerns that it could pull down the market.

   The combined market capitalization of Samsung Electronics, the world's largest handset and chip maker, and Hyundai Motor, the world's fifth-largest automaker, accounted for 17.6 percent of the total KOSPI market value as of Tuesday, the lowest since October 2011 when it posted 17.28 percent, according to the data by the Korea Exchange.

   The two companies' market value reached nearly a quarter of the total market capitalization in early 2013.

   Samsung Electronics, the crown jewel of the nation's top conglomerate, logged 171.14 trillion won ($164.2 billion) in market value on Tuesday, taking up 14.12 percent of the total, with Hyundai Motor's market capitalization reaching 42.18 trillion won, representing 3.48 percent, the bourse operator said.

   Shares of Samsung Electronics fell 2.27 percent to 1,161,000 won on the main bourse on Tuesday, dipping to their lowest since July 2012 as its third-quarter earnings outlook turned grimmer. The firm hit the peak of its share price on Jan. 3, 2013 at 1,584,000 won.

   Hyundai Motor, which suffered a sharp decline last week, closed 2.05 percent lower at 191,500 won, falling to the lowest in 52 weeks at one point during Tuesday's session.

   Market watchers raised concern over the sharp fall in the market cap of Korea's top IT and auto exporters, but seemed somewhat relieved over their declining influence in the local stock market.

   "Although the top two companies by market value saw 52-week lows, the benchmark KOSPI remains at this year's highest level compared to a year ago," Kim Hyung-ryeol, a strategist at Kyobo Securities, said. "The good part is that sluggish performance in the IT and auto sectors has limited impact on the South Korean economy."

   Oh Seung-hoon, an analyst at Daishin Securities, was concerned about the tepid earnings outlook for the main exporters, but positively evaluated the conglomerates' reduced influence on Asia's fourth-largest economy.

   "Despite falling share prices of the two companies, the stock index has sustained relatively well due to a rise in domestic and cyclical shares," Oh said.

   Foreign investors turned away from Hyundai Motor after the carmaker won the bid last week to buy the land of state-owned Korea Electric Power Corp. by offering 10.55 trillion won, nearly triple the estimated appraisal price.

   Funds that benchmark shares of Samsung Group and Hyundai Motor Group as well as their affiliates also suffered losses.

   Among a total of 33 funds that benchmark the two conglomerates, 29 funds recorded negative monthly yields as of Sept. 22, according to data compiled by KG Zeroin. Only two funds outperformed securities funds' average yield rate at 0.2 percent.

   Disappointed by the recent performance, investors have drawn money out of the group funds.

   Twenty-four Samsung Group funds lost 176.7 billion won over the past two months, and 9.3 billion won was withdrawn from three Hyundai Motor Group funds in the same period. (Yonhap)