Hyundai and Kia post record monthly sales in October

South Korea's Hyundai Motor (005380.KS) and its affiliate Kia Motors (000270.KS) posted record-monthly car sales, thanks to strong overseas sales fueled by their new models.

The latest figures reinforced the bullish outlook for South Korean carmakers, which are expected to outperform the global market and post strong earnings in the current quarter, after reporting forecast-beating profits for the third quarter last week, analysts say.

Growing optimism for Korean carmakers sent their shares surging on Monday with Hyundai shares jumping 5.3 percent and Kia shares up 9.6 percent up in a broader market up 1.4 percent as of 1:07 a.m. ET.

Hyundai Motor, South Korea's top maker, saw its total sales rise 10.4 percent to 320,291 units in October from a year earlier, while second-ranked Kia Motors saw its sales jump 29 percent to 192,499 units.

Hyundai's sales momentum will continue in the current quarter, with the launch of more new models such as Elantra and Equus in the U.S. and Accent and Grandeur in South Korea, analysts say.

Hyundai's overseas sales jumped 15.2 percent, while Kia's overseas sales surged 31.5 percent.

Hyundai's domestic sales fell 5.8 percent, while Kia posted a 7.4 percent rise in domestic sales.