South Korean shares rise on upbeat earnings

South Korean shares ended in positive territory on Monday, extending initial gains, as demand for tech and auto shares became stronger following the announcement of upbeat earnings. The benchmark Korea Composite Stock Price Index (KOSPI) rose 13. 75 points, or 0.68 percent, to close at 2,048.14. Trading volume stood at 252.97 million shares worth 3.84 trillion won (3.62 billion U.S. dollars). Market bellwether Samsung Electronics advanced 2.3 percent, and the nation's biggest automaker Hyundai Motor gained 2.5 percent. Samsung unveiled its new quarterly high of earnings for the third quarter last week, and Hyundai earnings showed that its weak sales in the domestic market were offset by solid demand in overseas markets. Memory chip giant SK Hynix added 1.5 percent, and the nation's biggest auto parts maker Hyundai Mobis climbed 2.5 percent. Kia Motors, LG Chem and POSCO ended slightly lower. Foreigners kept their record-breaking buying trend amid upbeat earnings momentum. Foreign investors bought a net 101.3 billion won worth of local stocks, maintaining their winning streak for 42 straight sessions. Retail and institutional investors, however, sold shares worth 107.5 billion won and 16.7 billion won respectively. The South Korean currency finished at 1,061.1 won against the greenback, up 0.7 won from Friday's close. Bond prices ended lower. The yield on the liquid three-year treasury notes rose 0.02 percentage point to 2.82 percent, and the return on the benchmark 10-year government bonds gained 0.06 percentage point to 3.42 percent.