Stocks, FX slip as China power crunch deepens slowdown fears

* China, HK shares rise as tech, property stocks rally

* MSCI EMFX, shares index both drop 0.2%

* Russian rouble bucks gloom, up 0.5%

* BlackRock modestly overweight on Chinese equities

By Susan Mathew

Sept 28 (Reuters) - More evidence of slowing growth in China amid a power shortage and rising U.S. Treasury yields further dented fragile risk sentiment on Tuesday, although a rally in technology and property stocks kept heavyweight Chinese shares buoyed.

Profit growth at China's industrial firms slowed for a sixth month, data showed on Tuesday as plants fought off high commodity prices, COVID-19 outbreaks and part shortages.

An unfolding power crisis in the world's second-largest economy has piled onto investor worries over the fate of ailing property developer Evergrande 3333.HK .

MSCI's index of EM currencies .MIEM00000CUS headed for its worst session in three weeks, while stocks .MSCIEF fell 0.2% as heavy declines in the rest of Asia .MIAPJ0000PUS , South Africa .JTOPI and Turkey .XU100 outweighed gains in China .CSI300 .HIS .

"It is still unclear ... (whether) China's power crunch is easily 'fixable' or reversible, but in the meantime it generates more concerns about the global supply chain," said Natalia Gurushina, EM fixed income economist at VanEck.

Ratings agency S&P on Monday lowered annual 2021 GDP growth forecast for the Asia Pacific region to 6.7% from 7.1%. For broader EM, excluding India and China, S&P upgraded the forecast to 4.8% from a prior 4.6%.

But liquidity injections by China's central bank and its promises to protect consumers exposed to the housing market sent domestic property stocks higher on Tuesday.

Shares of big tech names such as Alibaba 9988.HK , Tencent 0700.HK and Meituan 3690.HK , which have seen steep slides recently thanks to tightening regulations, also rallied.

BlackRock is dipping a toe into Chinese equities on stimulus hopes, the asset manager said in a client note, adding it is also modestly overweight on EM debt. nL8N2QU1PT]

While a dollar lifted by rising Treasury yields pressured most EM currencies, Russia's rouble RUB= firmed 0.5% as oil prices rose.

Analysts also point to parliamentary elections that showed the ruling party retaining a majority, albeit reduced. "Policy continuity is broadly foreseen on all fronts. The situation is supportive of our forecast for the rouble exchange rate to modestly appreciate over the coming quarter," Commerzbank analysts said.

Turkey's lira TRY= was moving dangerously close to record lows, while the South African rand ZAR= stayed at one-month lows, down about 0.6%.

In Tunisia, the dinar TND= extended losses to a fourth straight session as political crisis in the country, following President Kais Saied's seizure of power, threatened to deepen economic troubles.

For GRAPHIC on emerging market FX performance in 2021, see Link For GRAPHIC on MSCI emerging index performance in 2021, see Link

For TOP NEWS across emerging markets

For CENTRAL EUROPE market report, see

For TURKISH market report, see

For RUSSIAN market report, see

China power companies' profits squeezed br Link

Reporting by Susan Mathew in Bengaluru; Editing by Giles
Elgood and Ramakrishnan M.

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