EMERGING MARKETS-EM FX, stocks broadly steady after rally; tech sell-off weighs on Asia

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Tech stocks in India, Hong Kong decline

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Gold prices support South African equities

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Central bank decision awaited in Poland

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Afreximbank lines up $8 bln package for South Africa

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MSCI EM FX down 0.2%, stocks off 0.1%

By Purvi Agarwal

Feb 4 (Reuters) - Emerging market currencies and stocks were subdued on Wednesday as investors took a breather following the previous session's rally, while commodity prices ?buoyed assets in some markets.

MSCI's gauge of global EM equities was down 0.1%, after marking its biggest one-day jump since April on Tuesday.

EM assets ?have been roiled by a sharp plunge in precious metals and a slight recovery in the ?dollar after U.S. President Donald Trump's nomination of Kevin Warsh for the head ?of the Federal Reserve.

Heavyweight Asian ?stocks traded largely mixed on Wednesday, as a sell-off in software stocks globally triggered by AI firm Anthropic launching workplace productivity tools raised ?concerns over disruption across the sector.

Tech stocks in Hong Kong ?and India declined, while a broader market rally kept indexes in South Korea and Taiwan afloat.

Regional European bourses were also higher, with those in Poland and Romania up 0.1% ?and 0.3% respectively, while Hungarian stocks jumped 1.5%. Turkey's main ?index was ?muted.

South African equities, which have largely capitalized on the stellar rally in gold prices this year, added another 0.5%, as bullion prices hovered back to $5,100 per ounce.

"The recent bout of precious metals ?volatility has threatened to curtail the performance of heavily positioned global assets... the FX carry trade is most exposed," said Geoff Yu, EMEA macro strategist at BNY.

"If prices continue to struggle for metals, the markets with the strongest direct linkages will also continue to struggle."

Emerging market currencies were largely subdued, with MSCI's measure down 0.2%.

Turkey's lira was little changed against the dollar, while South Africa's rand inched 0.1% lower.

Africa Export-Import ?Bank (Afreximbank) said ?it has lined up an initial $8 billion financing package for new member South Africa.

Poland's zloty was flat ahead of a monetary policy decision in the country, where the central bank is expected to ?hold interest rates.

Russia's rouble dipped 0.2% against the U.S. dollar, over-the-counter market data showed.

India's trade minister said the country will diversify its energy sources as a strategy amid changing global circumstances and to ensure energy security for its citizens.

The news comes days after the U.S. said New Delhi will halt Russian oil purchases, which could heavily impact Russian oil revenue.

Meanwhile, Trump on Tuesday signed a law extending a preferential trade program for Africa through December 31, effective retroactively from ?September 30, 2025, the chief U.S. trade negotiator said.

HIGHLIGHTS:

** China services activity picks up in January, hiring hits 6-month high, survey shows

** South Korea eyes dollar bond issuance for pension fund this year: Reuters

For TOP NEWS across emerging markets

For CENTRAL EUROPE market report, ?see

For TURKISH market report, see

For RUSSIAN market report, see (Reporting by Purvi Agarwal in Bengaluru; Editing by Ronojoy Mazumdar)