* Chinese shares rise after week-long break

* Hungary's forint lags regional peers

* FX flat, stocks edge 0.03% lower

* Markets shut in U.S. for Presidents' Day holiday

Feb 19 (Reuters) - Most emerging market currencies traded in a tight range owing to a lack of catalysts on Monday, while a gauge of stocks edged lower despite an advance in Chinese shares on their return from a week-long holiday.

By 0858 GMT, MSCI's gauge of emerging market stocks edged 0.03% lower after rising nearly 2% last week, while currencies held steady at 1,725.17 points.

Chinese shares clocked an upbeat session after a week-long holiday, with Chinese blue-chip shares closing 1.2% higher, while the Shanghai Composite Index rose 1.6%.

Data showed tourism revenues in the country during the Lunar New Year holidays that ended on Saturday surged by 47.3% year-on-year and surpassed 2019 levels.

Over the weekend, China's central bank left a key policy rate unchanged as expected when rolling over maturing medium-term loans, with uncertainties around the timing of an easing by the Federal Reserve limiting Beijing's room to manoeuvre on monetary policy.

"They probably want to wait and evaluate Chinese consumers' willingness to spend during the New Year celebrations (which according to the first data seems to have been strong)," Olle Holmgren, chief strategist Sweden at SEB wrote in a note.

India's NSE Nifty 50 index touched record highs during the day, while South Korea's KOSPI reached its highest level in 20-months, closing 1.2% higher.

Keeping gains in check, Hong Kong's Hang Seng Index dipped 1.1%, snapping a three-day winning streak.

In Europe, Hungary's forint lagged regional peers, down 0.4% against the euro, coming off its second straight weekly decline, while the Czech crown eased 0.2%.

Currencies around the world have been under pressure since last week as the dollar ticked higher with investors scaling back their enthusiasm around early interest rate cuts by the Fed following robust economic data out of the United States.

Stocks in Romania gained 0.5%, while those in Poland advanced 0.2%.

South Africa's rand dipped 0.2% against the dollar ahead of a budget presentation on Wednesday.

Trading activity around the globe is expected to be muted in the absence of U.S. participants, as markets in the world's biggest economy were closed for a public holiday.

Minutes from the Romanian central bank's last policy meeting on Friday and an interest rate decision in South Korea on Thursday would be some of the other events to look out for this week.

Elsewhere, Pakistan's sovereign dollar bonds fell as much as 1.25 cents as rival parties struggled to form a coalition government in the aftermath of contentious - and inconclusive - nationwide elections.

Israel's shekel fell 0.1% against the dollar after gaining nearly 2% last week, while Kenya's shilling was last at 144 per dollar after clocking its best weekly performance since the year 1990 last week.

HIGHLIGHTS:

** Pakistan's majority parties struggle to form coalition government

** Russia has yet to establish official cause of Navalny death, spokeswoman says

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(Reporting by Shashwat Chauhan in Bengaluru; Editing by Sharon Singleton)