LONDON, March 6 (Reuters) - Ukrainian dollar bonds fell around 1 cent on the dollar on Thursday towards the previous day's lows on concern about possible debt restructuring following comments by Ukraine's finance minister.
But emerging stocks rose nearly 1 percent, approaching six-week highs, as investors cheered an aid package for Ukraine and began to take another look at relatively cheap emerging assets.
The European Union offered 11 billion euros ($15 billion) of aid on Wednesday and Republican leaders in the U.S. House of Representatives said they would work with the White House to address the crisis and vote on legislation offering financial aid soon.
The EU's $15 billion offer is still contingent on the government striking a deal with the IMF on a longer-term aid package.
"With the IMF, everything is on the table, including debt holders sharing the pain," said Joseph Dayan, managing director of brokerage BCS Financial Group.
Sovereign dollar bonds due in June 2014, paper that has the most immediate maturity, fell around 1 point to 93.9 , while state-owned energy firm Naftogaz's September 2014 bond fell over 1 point to 89.2.
These bonds sharply fell the day before after Finance Minister Oleksander Shlapak said Ukraine could start talks with creditors on restructuring debt denominated in foreign currency.
High-level diplomatic efforts to resolve the crisis in Ukraine made little apparent headway at talks in Paris on Wednesday, however, and the rouble edged lower.
"Any secondary effect (on Russia) of the escalation in tensions will be financial," said Dayan. "Sanctions are the key concern."
Emerging market stocks have taken a beating since last May, when the prospect of a withdrawal of U.S. monetary stimulus first emerged. That stimulus had driven demand for higher-yielding assets.
Emerging stocks are still down more than 3 percent this year, despite rising last month and so far in March. Emerging sovereign debt spreads have also narrowed, edging in 2 basis points on Thursday to 339 bps over U.S. Treasuries.
The Indonesian rupiah, one of the worst performing currencies through the emerging market sell-off, hit four-month highs on demand from hedge funds and foreign banks.
The yuan appreciated for a third consecutive session, follow several days of weakening, amid signs the central bank was staying on the sidelines.
The forint, which has suffered from contagion from the Ukraine crisis, hit 2-1/2 week highs, and the rand hit two-month peaks.
Jitters have moved on from more mainstream emerging markets to frontier African economies.
The Zambian kwacha hit a record low for a second day after the central bank said it would not intervene to halt the slide in the currency of Africa's top copper producer.
For GRAPHIC on emerging market FX performance 2014, see http://link.reuters.com/jus35t
For GRAPHIC on MSCI emerging index performance 2014, see http://link.reuters.com/weh36s
For GRAPHIC on MSCI emerging Europe performance 2014, see http://link.reuters.com/jun28s
For GRAPHIC on MSCI frontier index performance 2014, see http://link.reuters.com/zyh97s
For CENTRAL EUROPE market report, see
For TURKISH market report, see
For RUSSIAN market report, see ) ($1 = 0.7278 euros)
(Reporting by Carolyn Cohn and Natsuko Waki; Editing by Toby Chopra)