Stocks fall on China COVID curbs, Turkish lira stretches declines



* Parts of Shanghai impose new lockdown measures

* Turkey's lira down for fourth straight session

* Markets cautiously await ECB decision

By Shreyashi Sanyal

June 9 (Reuters) - Emerging market stocks fell on Thursday, led by China shares after parts of Shanghai came under new COVID-19 restrictions, while Turkey's lira stretched declines to a fourth day.

MSCI's index for emerging market equities .MSCIEF shed 0.3%, following a more than 1% gain in the previous session.

Even as data showed China's exports grew at a double-digit pace in May, shares in the world's second-largest economy .CSI300 .SSEC ended lower after parts of Shanghai began imposing new lockdown restrictions.

"There are lingering concerns that China's brisk recovery could be a false dawn given that the zero-COVID strategy is staying firmly in place and that could mean rolling lockdowns will continue," said Susannah Streeter, a senior investment and markets analyst at Hargreaves Lansdown.

Investors also held back big bets ahead of the European Central Bank's policy meeting later in the day, where it will likely flag an end to its asset purchase programme at the end of this month, and promise a rate hike for July.

Earlier in the week, the Reserve Bank of Australia surprised markets by a larger-than-expected hike to it key lending rate, sparking a flight to safety as investors dumped riskier assets including those in emerging markets.

Turkey's lira TRY= TRYTOM=D3 weakened to 17.21 to a dollar by 0831 GMT, getting close to its record low hit in late December due to unorthodox monetary policy.

The currency has lost more than 23% of its value against the U.S. currency this year after a slide of 44% last year. Concerns remain over soaring inflation, a widening current account deficit and Ankara's policy response.

"It is possible that the economy management assessed that keeping the lira exchange rate at its March-April levels was not sustainable anymore as it was eating up already weak central bank reserves. So, maybe some depreciation will be allowed until the exchange rate sits on a weaker range," said Irem Sagiroglu, an economist at EmergingMarketWatch in Turkey.

South Africa's rand ZAR= firmed 0.5% ahead of the release of current account, mining output and industrial production data. The government's benchmark 2030 bond ZAR2030= also edged higher.

Hungary has successfully issued foreign currency benchmark bonds in international markets, Finance Minister Mihaly Varga said. The forint EURHUF= edged higher against the euro.

For GRAPHIC on emerging market FX performance in 2022, see Link For GRAPHIC on MSCI emerging index performance in 2022, see Link

For TOP NEWS across emerging markets

For CENTRAL EUROPE market report, see

For TURKISH market report, see

For RUSSIAN market report, see
Reporting by Shreyashi Sanyal in Bengaluru; Editing by Subhranshu Sahu

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