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IMF team arriving in Pakistan for bailout review- sources

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EU preparing $8 bln aid package for Egypt- FT

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Russia to raise 100 bln roubles from privatisation in 2024

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Stocks off 0.5%, FX down 0.2%

By Ankika Biswas

March 13 (Reuters) - Emerging market stocks fell on

Wednesday, as Country Garden ( CTRYF ) dragged broader Chinese shares

lower, while investors focussed on a media report of an $8

billion European Union aid package for Egypt and a Reuters

report of an IMF team arriving in Pakistan for a bailout review.

The MSCI index tracking emerging market stocks

lost 0.5%, after hitting its highest level since July 2023

intraday, set to snap a five-day winning streak.

The currencies' gauge slipped 0.2%.

Country Garden ( CTRYF ) fell 4.9% after the Chinese

property developer missed a coupon payment and later unveiled

its plans to raise funds within a 30-day grace period.

The Hang Seng Mainland Properties index dropped

1.1%, with the blue-chip CSI300 index and the Shanghai

Composite index losing 0.7% and 0.4%, respectively.

Among other single movers, Cathay Pacific climbed

5.8% after Hong Kong's flagship airline posted its first annual

profit since 2019.

Among major news, a media report showed the European Union

is readying a 7.4 billion euro ($8.08 billion) package aimed at

shoring up Egypt's economy amid fear that conflict in Gaza and

Sudan could exacerbate financial trouble in the country.

"Easing dollar backlogs, a big revision of interest rates

and in currency value, and the sizable FDI capital inflows are

all very positive. But the risk here is that there would be a

lot of attention on what happens to inflation in the coming

months," said Luis Costa, head of CEEMEA strategy at Citi.

The Egyptian pound edged up 0.1% against the dollar,

while the benchmark stock index dropped 3.3%,

continuing to ease from a record-breaking run.

Further, Reuters reported an International Monetary Fund

(IMF) mission is arriving in Pakistan on Wednesday for a second

and last review of a $3 billion standby arrangement. If

successful, the last review will release a tranche of around

$1.1 billion. Islamabad had secured a last-gasp rescue package

last summer to avert a sovereign default.

The Pakistani rupee rose 0.3%, though the benchmark

KSE 100 fell nearly 1%.

The Russian rouble strengthened slightly

against the dollar to 91.72, regaining some of the ground lost

on Tuesday, supported by rising oil prices. A media report

showed the finance ministry plans to raise at least at 100

billion roubles ($1.1 billion) from privatisation this year.

In Central and East Europe, the Hungarian forint

edged up against the euro, easing from the one-year low hit on

Tuesday after its central bank doubled down on its criticism of

a proposed law change it says could erode its independence,

deepening a standoff with the government.

On the data front, Romania's consumer price inflation rose

to 7.23% on the year in February from 7.41% the previous month,

exceeding expectations.

A recent Reuters poll showed most analysts expect the

central bank to keep its interest rate on hold at 7.0% in the

April meeting and deliver its first rate cut in May.

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