Emerging stocks dip

London - Emerging stocks slipped from the previous session's two-week highs on Thursday, pushed lower by weakness in Chinese stocks, while the Hungarian forint edged off nine-month lows.

Chinese stocks fell 1 percent after the Shanghai Stock Exchange chairman said initial public offerings could resume.

The MSCI emerging stock index dipped 0.25 percent.

The Hungarian forint rallied 0.25 percent after falling past the psychologically key 300 level on Wednesday to hit nine-month lows.

The forint has lost roughly 3 percent so far this year, with markets rattled over the course of monetary policy under the central bank's new governor, Gyorgy Matolcsy.

“The catalogue of possible measures published over the last few days such as using the FX reserves to boost the economy and new measures to protect holders of foreign currency loans are all perceived as aimed at weakening the forint,” said an analyst at Societe Generale in a client note.

The Kenyan shilling rose 0.35 percent in volatile trade as Kenyans awaited the outcome of presidential elections, with the result dragging out due to the failure of electronic counting technology.

The shilling lost some early gains after the running mate of presidential candidate Raila Odinga called for the vote count to be halted and cast doubt on the fairness of the process.

Turkey's lira was steady as a senior Fitch analyst said the country would need a “durable” reduction in its structural deficit, lower inflation and more foreign direct investment to secure another ratings upgrade.

Fitch raised Turkey to investment grade at BBB- late last year, boosting flows into Turkish assets.

The yield on Venezuela's benchmark 2027 dollar bond rose to its highest in six weeks following the death from cancer this week of president Hugo Chavez.

Investors were taking profits after buying Venezuelan debt ahead of Chavez' death, on expectations of a more market-friendly regime. - Reuters