SHANGHAI: Chinese stocks closed lower on Tuesday, dragged down by coal and power-intensive sectors, while property firms rose after analysts pointed to possible policy easing to support the troubled sector.
The blue-chip CSI300 index fell 1.1%, to 4,883.84, while the Shanghai Composite Index lost 1.3% to 3,546.94 points.
The coal sub-index fell 2.2% as China stepped up efforts to boost coal output amid short supply, which has led to China's worst power crunch in years.
China will set a timetable and road map for meeting its carbon emissions target, and correct "one-size-fits-all" practices of power cuts and production limits in some areas, state TV quoted Chinese premier Li Keqiang on Monday.
China's state planner said on Tuesday it will fully liberalise pricing for electricity generated from coal and that industrial and commercial users will all have to buy from the market.
Power generation stocks fell, dragging the utilities sub-index down 2.4%.
Non-ferrous metal stocks, chemicals and steel firms declined between 2.8% and 3.8%.
Semiconductors, infrastructure, media and broker sectors shed more than 2.5% each.
Bucking the trend, real estate firms rose 1.5%.
"We believe the default risks and property market weakness have been largely priced into property stocks," Morgan Stanley said in a note. "Given trough valuations and likelihood of policy easing, we believe risk-reward is favourable at current levels." (Reporting by Shanghai Newsroom; Editing by Ramakrishnan M.) 2021-10-12 07:36:49 OMAN-OIL/:Oman sells 1.5 mln bbls crude for Nov-Dec in unusual tenders - sources Oman sells 1.5 mln bbls crude for Nov-Dec in unusual tenders - sources SINGAPORE, Oct 12 (Reuters) -
Oman's Ministry of Oil and Gas has sold 1.5 million barrels of crude for loading in November and December in past weeks via two unusual tenders, trade sources said on Tuesday
The first tender of 1 million barrels of Oman crude loading in November was likely awarded to Vitol, they said
The second tender of 500,000 barrels of Oman crude was awarded on Monday likely to a trading house, the sources said
Price levels were not immediately known as the ministry had invited only selected companies, they said
It was not immediately clear.