(Updated at 0900 GMT)

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Goldman Sachs, J.P. Morgan trims China 2024 growth

forecast

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Hungarian c.bank Deputy Governor's comments on tap

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India can cut borrowings in FY25 budget, says private

lender

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Rwandans vote in election expected to extend Kagame's rule

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Stocks off 0.2%, FX flat

By Johann M Cherian

July 15 (Reuters) - Most emerging market stocks started

the week lower after disappointing China economic data, while

Pakistani equities traded at record highs and investors assessed

the fallout of a revised budget in Kenya.

China stocks ended flat on Monday and Hong

Kong equities logged their biggest one-day drop after the

economy grew much slower than expected in the second quarter,

prompting downward revisions for annual growth by brokerages

J.P.Morgan and Goldman Sachs.

Attention was also on the once-in-five-years 'Third Plenum',

due to end on Thursday, where markets hope for some efforts to

manage China's vast property crisis, boost domestic consumption

and revitalise the private sector.

"It remains the case that China is taking pragmatic steps to

address the problems it can fix, but at nothing like the pace

foreign investors or net commodity exporters wish to see," said

Hasnain Malik, head of equity research at Tellimer Research.

MSCI's index tracking bourses in developing economies

slipped 0.2%, while an index tracking currencies

was flat. Traders assessed political

developments in the U.S. and the implications of a second Donald

Trump presidency.

In south Asia, Pakistan's benchmark index rose 1.7%

to hit a record high after the International Monetary Fund (IMF)

and the country reached a staff level agreement (SLA) for a $7

billion, 37-month loan program.

The index has soared 30% this year and has almost doubled

since Pakistan signed its last SLA for the $3 billion standby

arrangement.

India's main stock indexes also traded at

record highs. Quarterly earnings were in focus along with the

new government's annual budget expected on July 23, where a

private lender expects the country to cut its current year's

gross market borrowings after a better-than-estimated surplus

transfer from the central bank.

Meanwhile, yield on Kenyan sovereign bonds

slipped between 5 and 13 basis points (bps) after the

government said it plans to cut annual spending by 1.9% and

widen the fiscal deficit to 3.6% of GDP, weeks after it was

forced to roll back tax hikes due to mass protests.

Most currencies in eastern and central Europe were tepid

against the euro. The forint inched up 0.2% ahead of

remarks on monetary policy from the Hungary's deputy central

bank governor.

Elsewhere, the shekel inched up 0.1% against the dollar

ahead of June inflation data and against the backdrop of talks

of a Gaza ceasefire, while Rwanda's franc was flat

against the euro as elections were underway.