China quartlery auto sales beat US
Chinese automakers rose, led by Beiqi Foton Motor Co. (SH:600166), after China's auto sales in the first quarter topped the world.
Sales of automobiles rose to 2,6 million in the first three months of 2009, exceeding the US' 2.2 million to become world's largest market, according to China Association of Automobile Manufacturers.
Sales in March rose 5 percent year on year thanks to the 22 percent increase in sales of smaller cars with engines of 1.6 liters or less. China cut the sales taxes on cars with engines of 1.6 liters or less in January to revive demand after auto sales rose at the slowest pace in a decade last year.
Auto makers listed in mainland markets advanced 5 percen on average. Beiqi Foton, a Beijing-based truck manufacturer, surged 10 percent. SAIC Motor Corp (SH:600104), China's largest automaker, gained 8.41 percent.
Most auto shares in Hong Kong surged over 10 percent. Great Wall Motor Co.（HK:2333）surged 14.2 percent, Brilliance ChinaAutomotive Limited（HK:1114）advanced 13.73 percent and Denway Motors (HK:0203) added 10.54 percent.
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