*

Iranian President Ebrahim Raisi killed in helicopter crash

*

China leaves benchmark LPRs unchanged

*

EM stocks up 0.2%, FX flat

By Shashwat Chauhan

May 20 (Reuters) - A gauge for emerging market stocks

extended gains to a seventh session on Monday, with heavyweight

Chinese bourses rising amid Beijing's latest measures to aid its

property sector, while most currencies were flat ahead of

several rate decisions this week.

As of 0451 GMT, MSCI's index for emerging market stocks

gained 0.2%, touching its highest level since April

2022, while an index for currencies was flat.

Most EM currencies saw weekly gains last week, with both

MSCI EM indexes clocking their fourth successive weekly gain, as

the dollar weakened following a soft inflation data, which

bolstered hopes of the Federal Reserve cutting interest rates

soon, though cautious commentary from policymakers tapered the

enthusiasm.

"Markets remain in risk-on mode supporting EM FX," Frantisek

Taborsky, EMEA FX & FI strategist at ING said.

"So for today, we are rather neutral and may see some minor

retracement of gains from previous days."

Chinese bourses closed higher as sentiment remained upbeat

after Beijing announced "historic" steps last week to stabilise

its crisis-hit property sector, with the central bank

facilitating 1 trillion yuan ($138 billion) in extra funding and

easing mortgage rules, and local governments set to buy "some"

apartments.

Separately, China also left its benchmark lending rates

unchanged, in line with market expectations.

Investors also kept tabs on the developments in Iran as

officials and state media said Iranian President Ebrahim Raisi

was killed in a helicopter crash in mountainous terrain near the

Azerbaijan border.

In Central Eastern Europe, Hungary's forint gained

0.2% against the euro in holiday-thinned trading ahead of a

central bank decision on Tuesday, where the bank is expected to

cut its base rate by 50 basis points.

Equity markets in the country were closed for a public

holiday.

Bourses in Poland, Romania and Turkey

advanced between 0.6% and 1%.

South Africa's rand held steady at 18.16 per dollar,

with focus on national elections in the country next week, while

stocks gained 0.6%.

Elsewhere, the Ugandan shilling weakened after a

downgrade of the country's credit rating spooked commercial

banks, causing them to buy hard currency, traders said.

S&P revised Ivory Coast's outlook to 'positive', retaining a

'BB-/B' rating, while Fitch said it sees implications for

Georgia's sovereign credit profile if recent events exacerbate

political tensions.

HIGHLIGHTS:

** Vietnam parliament elects new speaker amid leadership

reshuffle

** South Africa's top court: ex-president Zuma not eligible

to run for parliament

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For RUSSIAN market report, see