Stocks on track for weekly gains; India, S.Africa in focus
Updated at 0858 GMT
South Africa Treasury budget vote on tap
Czech central banker Prochazka says another 50-bps rate cut unlikely
India June inflation due at 1200 GMT
IMF says assessing recent Kenya developments
Stocks, FX flat
By Johann M Cherian
July 12 (Reuters) -Stocks and currencies across emerging markets were broadly flat on Friday, but an index tracking equities were set to log gains for the sixth week out of five, while focus was also on economic data out of China and India and a budget vote in South Africa.
MSCI's index tracking stocks in emerging markets .MSCIEF slipped 0.1%, but was hovering near levels seen more than two-years ago. The index was up 1.6% for the week, compared with the U.S. benchmark S&P 500's .SPX 0.3% rise week-to-date.
Bourses in China .CSI300, Hong Kong .HSI, Taiwan .TWII, South Africa .JTOPI, Turkey .XU100 and India .NSEI, .BSESN were all set to end the week higher.
"Emerging markets are outperforming developed markets, driven not only by these extreme under valuations, but more importantly by the pockets of earnings strength," said Wim-Hein Pals, head of emerging markets equity at Robeco.
Pals picked information technology, consumer discretionary and financials as sectors that were set to do well.
China's yuan CNY=CFXS dipped 0.1% after mixed June trade data, while caution remained ahead of Monday's Third Plenum and a central bank decision on the medium-term interest rate, with most economists anticipating no change.
In south Asia, India's main indexes .NSEI, .BSESN climbed 1% each. Ahead of the release of June inflation data due later in the day, the domestic central bank chief said retail price-growth is still expected to be far from its 4% target to start lowering interest rates.
Separately, a report said India plans to make state-run firms more profitable, in a departure from Prime Minister Narendra Modi's earlier privatisation programme.
In South Africa, the rand ZAR= inched up 0.3%. The finance minister will table the National Treasury's budget vote in parliament at 1200 GMT.
In eastern and central Europe, Hungary's forint EURHUF= climbed 0.3% against the euro. The local finance minister said, the country's budget deficit is expected to be in-line with or below the 4.5% target this year, as per a report.
Earlier the forint weakened after the government hinted at new corporate taxes that it expects could balance the budget deficit that has remained over European Union limits.
Czech's koruna EURCZK= was flat, and was set for its fifth-straight week in declines. A report showed policymaker Jan Prochazka said another 50-basis-point interest rate cut in August is very unlikely, despite recent data showing inflation within the regulator's limit.
Elsewhere, Kenya's shilling EURKES= slipped 0.4% against the euro. The International Monetary Fund said it is assessing recent developments in the east-African nation, while in Egypt the Fund has delayed an $820 million disbursement. The pound EUREGP= was flat.
For GRAPHIC on emerging market FX performance in 2024 http://tmsnrt.rs/2egbfVh
For GRAPHIC on MSCI emerging index performance in 2024 https://tmsnrt.rs/2OusNdX
Reporting by Johann M Cherian in Bengaluru; Editing by Sharon Singleton
For TOP NEWS across emerging markets nTOPEMRG
For CENTRAL EUROPE market report, see CEE/
For TURKISH market report, see .IS
For RUSSIAN market report, see RU/RUB
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