LONDON, March 19 (Reuters) - European shares slipped on Monday to snap a four-day winning streak as investors consolidated positions after stocks hit an eight month high last week and investors rotated out of autos into telecoms.

Carmakers, which have been the best performers this year were the worst movers as investors rotated out of autos into telecoms, which have struggled to perform this year.

A standout loser was Porsche down 2 percent, which was also hit by a Bernstein downgrade to "underperform", while Cable & Wireless Worldwide topped the gainers and as traders said telecoms offered strong dividend appeal.

"Auto sales have had a steady climb over the last few months and seem to have run their course for the short term. We have seen some rotation into telecoms which offer a progressive dividend yield," Atif Latif, director of equities and derivatives at Guardian Stockbrokers, said.

The pan-European FTSEurofirst 300 index of top shares provisionally closed down 0.1 percent at 1,105,77 points in a choppy session.