China auto stocks outperform in 8-month high

Shanghai, April 14 (Gasgoo.com) Chinese stocks rose 0.54% in heavy trade to an eight-month closing high today, with property and auto shares outperforming although some energy and resource shares fell after sharp recent gains, the media reported.

The Shanghai Composite Index ended at 2,527.181 points, its highest close since August 8 and rising for a fourth straight day.

SAIC Motor jumped 8.41% to 10.57 yuan while Beiqi Foton Motor raced up its 10% daily limit to 11.09 yuan. Property industry leader Vanke advanced 3.06% to 8.76 yuan. However, several energy and resource shares were hit by profit-taking.

Analysts said auto and property shares attracted investor interest after lagging in the latest rally, while strong March auto sales data released last week boosted sentiment toward that sector.

China's auto sales hit a monthly high of 1.11 million vehicles in March, rising 5% from a year earlier and exceeding U.S. sales for the third straight month, as the government's incentives bolstered the auto market demand.

China is expected to sell 10.2 million vehicles in 2009, up 8.7% year on year.