* MSCI currency index on track for worst day in over a month
* Turkish lira biggest loser among EM currencies
By Agamoni Ghosh and Susan Mathew
Nov 9 (Reuters) - Emerging market shares and currencies fell to their lowest in a week on Friday, tracking a global downturn in sentiment after the U.S. Federal Reserve reaffirmed its stand on tightening monetary policy, strengthening the dollar.
A string of rate hikes by the Fed has sucked money out of emerging markets this year, and, with another rise priced in for December, currencies across the developing world are likely to weaken further.
"It is generally a bit of a risk off day today. Markets were expecting a hike in December and there hasn't been any significant shift in their (Fed) stance," aid Paul Fage, senior emerging markets strategist at TD Securities.
"EM is going to take its cue from what euro/dollar is doing," added Fage. The euro was 0.26 percent lower against the dollar.
The emerging market currencies index was down 0.5 percent, on track for its worst day in over a month with the Turkish lira leading losses, down 0.8 percent after the Turkish treasury cancelled bond issues for next week due to savings measures.
The South African rand also weakened, down 0.7 percent, giving back gains from earlier this week, as investors took profits and awaited the next market catalyst.
The MSCI's benchmark emerging equity index fell 1.5 percent with Chinese equities falling for their fifth-straight session.
Over the week, mainland China stocks were weighed down by a mix of weak data, rising pressure on financial companies and concerns of a new board in Shanghai disrupting the already weak A-share market amid looming trade tensions with the U.S.
Hong Kong faced its worst intra-day fall in over two-weeks, down 2.4 percent.
Stocks in Russia declined more than one percent led by energy stocks, while Johannesburg's blue chips fell for the second consecutive day.
The Polish zloty was on pace to post its biggest weekly decline since late September, while Hungary's forint clocked weekly loses for a second straight week.
Hungarian Prime Minister Viktor Orban on Friday said the country must be cautious about adopting the euro and should remain open towards other parts of the world.
The Czech Koruna fell 0.2 percent as data showed the consumer price rise in October to be below forecast but in line with the central bank's target.
For GRAPHIC on emerging market FX performance 2018, see tmsnrt.rs/2egbfVh
For GRAPHIC on MSCI emerging index performance 2018, see tmsnrt.rs/2OusNdX
For TOP NEWS across emerging markets
For CENTRAL EUROPE market report, see
For TURKISH market report, see
For RUSSIAN market report, see (Reporting by Agamoni Ghosh and Susan Mathew in Bangalore, Editing by William Maclean)