* Emerging market stocks up 0.2%; FX flat
* Hong Kong looking at more steps to boost stock market, says Lee
* Egypt's CPI decreased to 33.3% in March
* Reliance leads India's Nifty 50 to 19th record high this year
April 8 (Reuters) - Israel's shekel jumped against the dollar on Monday ahead of an interest rate decision, while other emerging market currencies took on the subdued global mood as investors weighed the timing of U.S. Federal Reserve rates cuts after a strong jobs report.
The shekel gained 1% to 3.72 per dollar before its central bank decision due at 1300 GMT.
The Bank of Israel (BoI) may lower short-term interest rates next week for a second time in 2024 as inflation continues to ease, a Reuters poll found, although some economists said the bank could be cautious and instead keep rates on hold.
"Despite the recent bout of the shekel weakness, the exchange rate remains stronger compared to September," economists at Goldman Sachs, said in a note.
"Beyond the very near term, a large fiscal deficit and uncertainty about the war will likely keep the BoI cautious and its guidance is likely to remain relatively hawkish."
The MSCI index for emerging market currencies was flat against the dollar, which ended last week lower after Friday's strong U.S. payrolls number raised the prospect of a delay to Fed rate cuts.
Poland's zloty edged 0.1% higher against the euro ahead of minutes from its March monetary policy meeting.
Nationalist opposition party Law and Justice (PiS) came first in Poland's local government elections, an exit poll showed on Sunday, in a setback for Prime Minister Donald Tusk's ambitions to cement his grip on power.
The Philippine peso was little changed after its central bank kept its benchmark rate unchanged at 6.50% for a fourth straight meeting.
South Africa's rand climbed 0.3% after central bank data showed that foreign reserves had increased last month.
Chinese markets reopened after holidays on Thursday and Friday to more weakness in the currency, keeping the yuan close to last week's four-and-a-half-month low.
Among shares, the Shanghai Composite index and China's blue-chip CSI300 index fell 0.7% and 0.9%, respectively.
Hong Kong's Hang Seng Index was range-bound even as leader John Lee said the authorities were considering additional measures to support the securities market in the Asian financial hub.
India's blue-chip indexes hit record highs, helped by a rebound in oil-to-telecom conglomerate Reliance Industries and upbeat financial updates from several companies ahead of the earnings season.
Overall, the EM stocks index edged 0.2% higher.
In Egypt, data showed the annual urban consumer price inflation rate slowed to a lower-than-expected 33.3% in March from 35.7% in February.
Thai Prime Minister Srettha Thavisin said the central bank should cut its key interest rate by at least a quarter point this week to support government efforts to revive the economy.
HIGHLIGHTS:
** Polish nationalist opposition PiS comes first in local elections - exit poll
** Yellen meets with China's central bank chief, presses case on excess capacity
** Hong Kong looking at more steps to boost stock market, says Lee
(Reporting by Bansari Mayur Kamdar in Bengaluru; editing by Barbara Lewis)
