Stocks added to earlier gains late Monday (Mar. 24) morning as investors took comfort from eased concerns over a global credit crunch, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 7.91 points, or 0.48 percent, to 1,653.60 as of 11:20 a.m.

"The Seoul bourse continued an upward trend which started last week, with foreign investors becoming net buyers of local stocks," said Kim Young-gak, an analyst at Hyundai Securities Co. "Eased credit woes stemming from better-than-expected earnings reports by global investment banks seemed to lift investor sentiments."      

Oil refiners gained ground on falling crude oil prices. Top refiner SK Energy gained 1.45 percent and its smaller rival S-Oil advanced 1.13 percent.

No. 3 builder Hyundai Engineering & Construction added 1.38 percent on a report that creditors of the builder will pick a lead manager this week for a sale of the company? stakes.

Financial shares also rose with top lender Kookmin Bank gaining 2.41 percent.

But tech blue chips lost ground, dented by a stronger won. Tech giant Samsung Electronics fell 1.32 percent and chip giant Hynix Semiconductor slid 0.76 percent.

The local currency was trading at 999.9 won to the U.S. dollar as of 11:20 a.m., up 3.2 won from Friday? close. The won rose above the 1,000-won-per-dollar mark for the first time in five sessions.

SOURCE : Korea.net