Fiat shares rise on fund buying on key level

MILAN Wed May 15, 2013 6:04am EDT

A Fiat logo is seen on the wheel of a Fiat car in Turin in this picture taken February 10, 2013. REUTERS/Stefano Rellandini

A Fiat logo is seen on the wheel of a Fiat car in Turin in this picture taken February 10, 2013.

Credit: Reuters/Stefano Rellandini

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MILAN (Reuters) - Shares in Italian carmaker Fiat (FIA.MI) rose strongly in morning trade on Wednesday as traders cited fund inflows after the stock broke through key technical trading levels.

"Yesterday the share went through important resistance levels and short covering ensued, now all the funds are coming on board," one trader said.

A second trader said the share was supported by a positive European sector.

"There's a technical factor too. The share broke through 5 euros, a level it has not seen for two years," he said.

At 0955 GMT Fiat shares were up 7.23 percent at 5.33 euros. The European index .SXAP was up 0.64 percent.

(Reporting By Stephen Jewkes and Maria Pia Quaglia, editing by Danilo Masoni)

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