* MSCI EM stocks, FX down 0.2% each

* Hungarian forint at four-month low against euro

* South Africa inflation jumps more than expected

By Utkarsh Hathi

July 22 (Reuters) - Emerging market equities traded in a

range on Wednesday as gains in tech-heavy Asian indexes were

balanced out by concerns over rising oil prices, while

currencies were mixed against a steady dollar.

Oil prices extended gains for a fourth straight session,

touching a six-week high as escalating U.S.-Iran hostilities

and disruptions to shipping in the Red Sea -- a critical

alternative route for oil shipping in the region -- accentuated

concerns over global energy supplies.

MSCI's global EM stocks index slipped 0.2% after

sharp gains in the previous session and the currencies gauge

declined by the same quantum against the U.S.

dollar.

Rising oil prices put pressure on broader Asian equities,

though an overnight recovery in Wall Street's chip stocks ahead

of results from Alphabet and Tesla supported

tech-heavy bourses in the region.

"The bar for disappointment is quite low," said Achilleas

Georgolopoulos, senior market analyst at XM Trading, "Any signs

of weakness in the outlook and/or AI investment could prompt a

significant drop in risk appetite."

South Korean shares and Taiwan's benchmark index

rose 0.7% and 1.3%, respectively, while Chinese equities

were down 0.4%.

MSCI's index tracking Central and Eastern Europe

gained 0.3%. Polish stocks rose 0.5%,

while energy-laden Romanian equities advanced 1.3%, the

most in the region. Hungary's slipped 0.3%, bucking the

trend.

Among currencies in the region, the Hungarian forint

dropped 1.1% against the euro, heading for its biggest

single-day drop in four months after the country's central bank

announced a widely expectedquarter point rate cut on Tuesday,

while adding that there was room for a further decrease through

the summer months.

The Polish zloty declined 0.1%. Turkish equities

edged 0.2% higher, while the lira was

muted.

Most Asian currencies traded range-bound, while South

Africa's rand edged 0.2% higher after data showed

inflation accelerated faster than expected in June compared to

the same month last year.

"This large rise in inflation, coupled with the renewed

rises in oil prices, increases the risks that the interest rate

hike of 25bp to 7.25% that we expect tomorrow is not the last,"

said David Omojomolo, Africa economist at Capital Economics.

South Africa's equities benchmark rose 0.3%,

tracking prices of precious metals.

Indonesia's central bank kept policy rates unchanged on

Wednesday, defying market expectations of another rate hike

following back-to-back increases.

Kenya's finance ministry forecast a narrower budget deficit

in its July 2027 to June 2028 budget. Separately, an interest

rate decision from Ghana's central bank is expected later in the

day.

HIGHLIGHTS:

** Rubio holds talks with China's Wang Yi as regional powers

join ASEAN meet

** Indonesia sets price guidance for $1 billion panda bond sale

** South Korean industry minister heads to US as tariff decision

looms

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