Automakers, coal producers dampen markets -- June 28

BEIJING - China's stocks extended losses from the previous day to end lower on Thursday, with automakers and coal producers leading the drop.

The benchmark Shanghai Composite Index dropped 0.95 percent, or 21.09 points, to close at 2,195.84.

The Shenzhen Component Index closed at 9,383.27, down 33.23 points, or 0.35 percent.

Aggregated turnover came in at 106.6 billion yuan ($16.92 billion), slightly up from 101.4 billion yuan the previous trading day.

Losers outnumbered gainers by 774 to 133 in Shanghai and by 1,107 to 322 in Shenzhen.

Automakers led the declines after the China Automobile Dealers Association said Wednesday that the country's car imports jumped more than 50 percent year on year last month.

BYD Co, a leading carmaker backed by Warren Buffett, fell 4.81 percent to close at 20.4 yuan per share, while Beijing Foton Motor Co retreated 4.32 percent to finish at 7.08 yuan per share.

The coal sector was weak for the day on falling coal prices. Shanxi Coking Co dropped 4.18 percent to close at 8.48 yuan per share, while Shanxi Antai Group Co dipped 3.73 percent to finish at 3.61 yuan.

Insurers bucked the downward trend after a China Securities Journal report said that China is likely to introduce preferential tax policies for pension funds within the year.

Ping An Insurance (Group) Co climbed 1.55 percent to finish at 44.65 yuan per share, while China Pacific Insurance (Group) Co gained 1.34 percent to close at 21.24 yuan.