Stocks slide after big Fed hike, currencies struggle to keep gains

By Shreyashi Sanyal

June 16 (Reuters) - Most emerging market stocks fell on Thursday, with Asian equities leading the declines after the U.S. Federal Reserve delivered a steep interest rate hike, while currencies in the developing world struggled to retain gains against a firm dollar.

The MSCI's index for EM equities .MSCIEF fell more than 1%, now headed for its worst week since March as an early relief rally set off by the Fed proved to be short-lived.

Markets were initially relieved by the U.S. central bank's move to increase lending rates by 75-basis-points, the largest hike in more than a quarter of a century, to stem a surge in inflation.

"Hopes that the Fed would hike at a less angry pace over the rest of the year was enough for the downtrodden buy-the-dippers to flock back into the market. Markets like their large rate-hikes to be rare and not well done," Jeffrey Halley, senior market analyst at OANDA wrote in a client note.

"But in the EM space, Asian currencies booked only modest gains and as the reality of a widening interest differential and slowing U.S. economy dawns, those gains are being reversed this morning."

China stocks .SSEC .CSI300 shed 0.6% each, while Hong Kong shares .HSI fell 2.5%. The MSCI's index for developing world currencies .MIEM00000CUS edged 0.1% higher.

The Turkish lira TRY= continued its losing streak to the ninth straight session, while Russia's rouble RUBUTSTN=MCX also weakened against the dollar.

Hungary's forint EURHUF= edged higher from record low territory after its central bank unexpectedly raised its one-week deposit rate by 50 bps to 7.25% at a weekly tender, stepping up its policy tightening to curb stubborn and rising inflation that is now running in double-digits.

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 Shailesh Kuber

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