EMERGING MARKETS-EM stocks advance on China, India boost; FX steady

By Shashwat Chauhan

Nov 19 (Reuters) - A gauge of emerging market stocks advanced on Tuesday, boosted by rising heavyweight Asian equities, while most currencies were largely stable as investors looked for cues globally on the dollar's moves.

MSCI's gauge for emerging market stocks .MSCIEF added 0.7% as of 0900 GMT, on track to rise for the third straight session as bourses in heavyweights China .CSI300, India .NSEI and Taiwan .TWII traded in the green.

Beijing told top Wall Street executives that it will move ahead with capital market reforms and in the opening up of its financial sector for foreigners, while supporting Hong Kong in bolstering its credentials as a global financial hub.

Amongst currencies, China's yuan CNH= was down 0.2% in offshore trading, while the Indian rupee INR=IN hit a lifetime low of 84.415 per dollar.

Forex markets in Central Eastern Europe $(CEE.SI)$ were broadly under pressure, with Hungary's forint EURHUF= shedding 0.3% against the euro early on.

Later in the day, Hungary's central bank looks set to leave its base rate at 6.5%, the European Union's joint highest level with neighbouring Romania.

South Africa's rand ZAR=D3 lost 0.7% against the greenback in the lead-up to October inflation numbers due on Wednesday and the local central bank's monetary policy decision on Thursday.

The South African Reserve Bank (SARB) is expected to cut rates by 25 basis points (bps) to 7.75%, according to a poll of economists conducted by Reuters.

South Africa's benchmark stock index .JTOPI was up about 0.5%, with gold miners such as Gold Fields GFIJ.J and Harmony Gold Mining HARJ.J leading gains, tracking a rise in bullion prices. GOL/

The broader EM stocks index dropped more than 4% last week as markets mulled U.S. President-elect Donald Trump's fiscal, trade and immigration policies, which could be a drag on most developing economies.

All eyes are on Trump's cabinet selection, with the search for a Treasury secretary widening after last week's picks for health and defence roles.

Most EM currencies also weakened last week as the dollar continued its charge upwards on expectations the Federal Reserve would slow its pace of easing.

On Tuesday, the dollar index =USD, which measures the greenback against a basket of global peers, was range-bound, though hovering near multi-month highs.

"With no major catalysts on the horizon before November's jobs report, rangebound dollar trading now looks the most likely scenario over the coming few weeks," analysts at Monex Europe noted.

Meanwhile, Russian President Vladimir Putin approved an updated nuclear doctrine, saying that Russia could consider using nuclear weapons if it was subject to a conventional missile assault on it supported by a nuclear power.

HIGHLIGHTS:

** Somaliland opposition leader Cirro defeats incumbent in presidential election

** China expected to leave benchmark lending rates unchanged on Wednesday

(Reporting by Shashwat Chauhan in Bengaluru; Editing by Ros Russell)

((Shashwat.Chauhan@thomsonreuters.com;))

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