South Korean stocks closed 1.49 percent higher Monday on rising hope of the settlement of the fiscal crisis in Cyprus, analysts said. The local currency gained against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 28.96 points to 1977.67. Trading volume was low at 264.3 million shares worth 3.38 trillion won (US$3.02 billion), with gainers outnumbering decliners 540 to 266.