Oct. 10 (Bloomberg) -- Volkswagen AG, Europe's biggest carmaker, surged 15 percent in trading in Germany, the only gain today on the country's benchmark DAX Index, as short-sellers closed their positions, according to analysts.

``People are getting out of their trades today, and that includes the short-sellers in Volkswagen,'' said Christian Aust, an analyst at UniCredit SpA in Munich. ``What works on the downside for all the other DAX companies, the effect is just the opposite for Volkswagen.''

Volkswagen rose 45.13 euros to 342 euros in the biggest jump since Sept. 18. The Wolfsburg, Germany-based carmaker's stock has more doubled since the beginning of the year, valuing the company at 107.9 billion euros ($145 billion).

About 15 percent of Volkswagen's common shares as of last month were shorted, or borrowed and sold on expectations they can be repurchased later at a lower price, according to London-based research firm Data Explorers. That's the highest proportion of any company on the 30-member DAX. Porsche SE, the maker of the 911 sports car, owns about 35 percent of Volkswagen and aims to increase the holding to more than 50 percent by late November.

To contact the reporter on this story: Andreas Cremer in Berlin at acremer@bloomberg.net.

Last Updated: October 10, 2008 12:10 EDT