South Korean stocks closed 0.53 percent higher Tuesday as local exporters rebounded from their recent losses sparked by concerns over the eurozone economy, analysts said. The local currency gained against the U.S. dollar.

The benchmark Korea Composite Stock Price Index rose 10.38 points to 1978.56. Trading volume was low at 313.3 million shares worth 3.62 trillion won ($3.26 billion), with gainers outnumbering decliners 471 to 318.

“The increase came as the market recouped excessive losses made in the previous trading session following Cyprus’s bailout,” said Bae Sung-young, an analyst at Hyundai Securities Co.

The International Monetary Fund and the eurozone countries agreed Saturday to provide a bailout worth 10 billion euros ($12.9 billion) to Cyprus in a bid to prevent the country from going bankrupt.

Foreigners offloaded a net 197.6 billion won worth of local shares. In contrast, institutions scooped up a net 107.5 billion won and retail investors purchased a net 66.2 billion won.

Blue chip exporters led the gain, with market behemoth Samsung Electronics advancing 2.08 percent to 1,475,000 won, and SK hynix increasing 0.88 percent to 28,650 won. Local carmaker Kia Motors added 0.74 percent to 54,400 won.

NHN, the operator of South Korea’s most visited Web portal, soared 3.41 percent to 273,000 won on rosy prospects for game services on its mobile messenger LINE. (Yonhap News)