EMERGING MARKETS-Stocks kick off week higher on China boost

Emerging market stocks rose on Monday, supported by heavyweight Chinese equities as real estate shares rallied and as sentiment continued to recover after global investment houses upgraded their views on the Asian giant. China's blue-chip CSI300 index and the Shanghai Composite index rose 1.1% and 0.8%, respectively, notching gains for their fourth straight session.

Emerging market stocks rose on Monday, supported by heavyweight Chinese equities as real estate shares rallied and as sentiment continued to recover after global investment houses upgraded their views on the Asian giant.

China's blue-chip CSI300 index and the Shanghai Composite index rose 1.1% and 0.8%, respectively, notching gains for their fourth straight session. Supporting the rally, China's beleaguered property developers jumped on speculation more stimulus measures are likely to be unveiled this week, aimed at clearing inventory, boosting sales and easing home purchase restrictions.

Hong Kong's Hang Seng index closed higher for its sixth straight session after notching last week its best weekly performance in more than 12 years. Global investment houses are increasingly bullish about Chinese stocks, driven by resilient corporate earnings and policy efforts to boost shareholder returns.

The recovery in shares was supported by China's better-than-expected first-quarter macro performance, the 'downside put option' underwritten by the 'national team' of state-affiliated investors, solid fourth-quarter results, engagement between the U.S. and China and Beijing's policy initiatives targeting equity markets, Goldman Sachs strategist Kinger Lau said in a note. Meanwhile, data showed China's industrial profits fell in March, raising doubts about the strength of a recovery for the world's second-biggest economy.

The broader emerging markets stocks index rose 0.7% after its best weekly showing in nine months on Friday, while the currencies index was little changed. The dollar index slid 0.3%, extending its retreat ahead of the Federal Reserve's rate decision this week.

South Africa's rand rose 0.3%, while Russia's rouble weakened with low liquidity and activity due to holidays. Most central and eastern European currencies were nearly flat against the euro.

Turkey's economic confidence index fell 1% month-on-month in April. The lira traded at 32.41 against the dollar, compared with a close of 32.4240 on Friday. Pakistani stocks breached the key level of 73,000 to trade at a record high of 73,300, ahead of the central bank's monetary policy decision later in the day.

Also in focus, the International Monetary Fund's executive board will meet to decide on releasing the final tranche of $1.1 billion to the cash-strapped nation. HIGHLIGHTS:

** Saudi Arabia's Vision 2030 projects to be adjusted as needed, finmin says ** IMF says Egypt to address central bank overdrafts, off-budget activity

** IMF approves $8.1 bln flexible credit line for Colombia ** Nigeria secures $600 mln Maersk investment

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)