SHANGHAI B shares fell yesterday as foreign investors lowered offers on nagging concerns about the health of China's economy, according to traders. The Credit Lyonnais Shanghai B-share index closed down 8.44 points, or 1.21 per cent, at 686.50. In all, 13 stocks closed down, six rose and eight were unchanged yesterday, according to Bloomberg. ''Foreign investors are concerned about China's macroeconomic picture and don't want to keep much money in the market,'' said a Shanghai dealer. Real estate stocks took the brunt of declines, including property developer Jinqiao, which fell 5.5 per cent to 65 US cents with 297,600 shares traded. ''Property stocks are more risky by nature, so some investors are switching to industrials,'' said Gerald Jiang, a trader with Credit Lyonnais Securities (Asia). Outer Gaoqiao closed down 0.4 cent at 73.6 cents yesterday. ''Jinqiao is planning a rights issue while Outer Gaoqiao has chosen a bonus issue and investors prefer the latter,'' said Lisa Lee from Yamaichi Securities. On the plus side, polyvinyl chloride and caustic soda manufacturer Chlor Alakali rose 0.4 cent to 22.4 cents. The Credit Lyonnais Shanghai A index dropped 34.48 points, or 0.95 per cent, to finish on 3,602.65.
