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IMF reaches staff-level deal with Ivory Coast

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South Korean shares end lower on caution ahead of

elections

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EM currencies add 0.1%, stocks up 0.5%

By Bansari Mayur Kamdar

April 9 (Reuters) - Emerging market stocks rose on

Tuesday to their highest level in more than a year, as a rally

in chipmaker TSMC lifted Taiwan stocks to their all-time high.

The MSCI index for emerging market stocks gained

0.5% by 0851 GMT, briefly touching a level not seen since

January 2023.

Taiwan stocks hit a record high, led by a 4.6% jump

in shares of TSMC after the world's largest contract chipmaker

won a $6.6 billion subsidy for an Arizona production plant.

Among other Asian bourses, South Korean stocks

ended lower on caution ahead of the country's elections on

Wednesday to decide the make-up of its 300-strong National

Assembly.

Currencies in emerging markets edged 0.1%

higher against a subdued dollar as U.S. inflation data

loomed this week.

"For this week, quite a few Asia markets are out. The lack

of liquidity and perhaps CPI tomorrow, is keeping FX movements

more subdued," said Alex Loo, macro and FX strategist at TD

Securities.

"A big upside surprise on CPI could trigger a dollar rally."

Philippines and Indonesia markets were closed due to public

holidays. Gulf markets and Egypt stock exchange will also be

closed for the rest of the week for the Eid al-Fitr holidays and

reopen on Sunday April 14.

Israel's shekel rose 0.3%, following its 1.8% jump

against the dollar on Monday after the central bank held

interest rates steady.

In Central and Eastern Europe, Poland's zloty

ticked 0.2% higher against the euro, hovering near levels last

seen in early 2020 as markets position for an expected inflow of

European Union funds.

Markets were little moved by Poland's local government

elections where nationalist opposition party Law and Justice

(PiS) won the popular vote, according to final results on

Monday.

The Russian rouble was slightly stronger

against the U.S. dollar, while South Africa's rand rose

0.7%.

Elsewhere in emerging markets, El Salvador launched a tender

offer for its external debt due from 2025 to 2029,

President-elect Nayib Bukele said on Monday in a post on social

media platform X.

The International Monetary Fund said its staff reached

agreement with authorities from Ivory Coast on a review of two

lending programs, which will pave the way for disbursement of

$574 million, once approved by the IMF's executive board.

Bulgaria's President Rumen Radev appointed a caretaker

government on led by Prime Minister Dimitar Glavchev, and set

June 9 as the date for snap elections, the president's office

said in a statement.

Pakistan's benchmark share index breached the key

70,000 level to touch an all-time high, its fourth consecutive

session of hitting a record.

HIGHLIGHTS:

** How an election-packed 2024 is shaping up for world

markets

** Russia, China to talk about deeper security co-operation

in Eurasia

** Thai PM expecting central bank to cut interest rates on

Wednesday