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EMERGING MARKETS-Russian stocks buck weaker emerging trend

LONDON, Oct 1 (Reuters) - Robust manufacturing data from Russia pushed its stock market 1 percent higher on Monday, bucking the generally weaker trend in emerging equity markets while central European currencies firmed modestly as the euro recovered from lows.

Weak purchasing managers surveys have underscored the fragile state of the world economy, with manufacturing data from China offering proof of a seventh straight quarter of slowing growth, while euro zone PMIs showed the bloc has likely fallen back into recession

.

MSCI's main emerging markets index

eased 0.12 percent after gaining almost 7 percent in the July-September period, recouping most of the losses from the second quarter. Chinese and South Korean markets, which together make up a third of the index, were closed for a holiday.

But Russian equities jumped

despite slightly weaker oil prices as PMIs showed the economy expanding at the fastest pace in four months, suggesting resilience in the face of slowing growth

.

The rouble did not benefit however, trading flat to the dollar

.

The Czech crown and Polish zloty rose 0.2 percent against the euro

as the latter rose off three-week lows hit earlier in the day. The crown has posted two weeks of losses that took it to six-week lows after the central bank cut interest rates and hinted at more steps to weaken the currency.

"Euro/dollar is rebounding so central European currencies are also rising, overshadowing the fact that PMIs have been disappointing everywhere," said Thu Lan Nguyen, an emerging markets strategist at Commerzbank in Frankfurt.

Poland is widely expected to initiate a rate cut cycle on Wednesday but conflicting signals from the 10-member central bank board are making markets uncertain, some analysts said.

"A rate cut could lead to near-term zloty weakness as it is not yet full discounted by markets currently," Credit Agricole analysts told clients.

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For GRAPHIC on MSCI emerging index performance 2012, see

For GRAPHIC on MSCI emerging Europe performance 2012, see

For GRAPHIC on MSCI frontier index performance 2012, see

For CENTRAL EUROPE market report, see

For TURKISH market report, see

For RUSSIAN market report, see

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(Reporting by Sujata Rao; editing by Stephen Nisbet)

((sujata.rao@thomsonreuters.com)(+44 20 7542 6176 sujata.rao.thomsonreuters.com@thomsonreuters.net))

((Emerging Markets Prices from Reuters

Equities Latest Net Chg % Chg % Chg on year Morgan Stanley Emrg Mkt Indx

1001.77 -0.89 -0.09 +9.32

Poland

2379.18 +7.76 +0.33 +10.94

Hungary

18639.90 +51.25 +0.28 +9.81

Romania

4747.89 +22.78 +0.48 +9.48

Russia

1490.93 +15.23 +1.03 +3.95

South Africa

31775.34 +257.02 +0.82 +11.61 Turkey 66259.86 -136.85 -0.21 +29.25 China 2086.17 +29.85 +1.45 -5.15 India 18826.70 +63.96 +0.34 +21.82 Currencies Latest Prev Local Local close currency currency % change % change in 2012 Czech Rep 25.10 25.12 +0.11 +1.79 Poland 4.10 4.11 +0.21 +8.84 Hungary 284.75 284.71 -0.01 +10.48 Romania 4.52 4.54 +0.42 -4.40 Serbia 114.68 114.70 +0.02 -6.74 Russia 31.17 31.18 +0.02 +3.27

Kazakhstan

150.04 149.87 -0.11 -1.05 Ukraine 8.15 8.15 +0.00 -1.87

South Africa

8.28 8.30 +0.33 -2.56 Kenya 85.23 85.20 -0.04 -0.33 Israel 3.90 3.91 +0.29 -2.43 Turkey 1.79 1.79 +0.02 +5.02 China 6.28 6.28 +0.00 +0.16 India 52.59 52.84 +0.48 +0.80 Brazil 2.03 2.03 -0.13 -8.16 Mexico 12.86 12.86 -0.03 +8.45 Debt Index Strip Spd Chg %Rtn Index Sov'gn Debt EMBI+ 284 -1 0.00 688.44

Currency percent change calculated from the daily U.S.

close at 2130 GMT.)) Keywords: MARKETS EMERGING

Symbol
Price
 
Change
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MSCI
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