* Israel-Hamas start first Gaza ceasefire

* GS raises Turkey terminal interest rate forecast

* Sri Lanka central bank cuts rates by 100 bps unexpectedly

* Stocks, FX on track to eke out marginal weekly gains

* Stocks shed 0.8%, FX off 0.3%

Nov 24 (Reuters) - Sri Lankan stocks and the rupee were steady on Friday despite a surprise interest rate cut from the south Asian country's central bank, while most other emerging market stocks and currencies inched lower in volatile, holiday-thinned trade.

Sri Lanka's rupee and equity index were muted after the central bank lowered interest rates by 100 basis points (bps), reducing the standing deposit facility rate and the standing lending facility rate to 9% and 10%, respectively.

Helped by an International Monetary Fund bailout, Sri Lanka is recovering from its worst financial crisis in seven decades and awaiting the finalisation of its first review from the global lender. The rupee has appreciated more than 10% so far this year.

"Inflation has fallen sharply in recent months and is likely to remain weak, helped by a combination of easing goods shortages, a stronger rupee and weak growth," said Gareth Leather, senior emerging markets economist at Capital Economics.

"Overall, we expect a further 200bps of rate cuts next year, which would take the deposit rate to 7.0% by end-2024."

More broadly, MSCI's index tracking developing markets equities declined 0.8%, as heavyweight Chinese blue-chips and Hong Kong equities, closed down 0.7% and 2.0%, respectively, due to massive foreign outflows.

China's CSI 300 real estate index reversed earlier gains and ended 0.1% lower. A report said that China might allow banks to offer unsecured short-term loans to qualified property developers for the first time

A basket of emerging markets currencies was down 0.3% by 0955 GMT.

Both the MSCI indexes are on course for weekly gains, with the currencies gauge on track for a 0.3% increase, after hitting a one and-a-half year high earlier in the week as the greenback retreated.

Trading is likely to be thinned due to a partial closure of U.S. markets.

Meanwhile, Kazakhstan's tenge strengthened 0.4% as the central bank cut its main interest rate by 25 bps to 15.75%, in line with expectations.

Turkey's lira eased to 28.88 to the dollar, a day after a larger-than-expected rate hike by the central bank. Goldman Sachs said it had raised its terminal interest rate forecast for the country to 42.50%.

Investor focus will also be on developments in the Middle East as Israel and Hamas started a ceasefire in Gaza to 48-day-old conflict that has gripped the world. Israel's shekel crept up 0.2% and the Tel Aviv bourse added 0.2%.

In central and eastern Europe, the Czech crown edged up 0.2% against the euro, ahead of a credit rating decision by ratings agency Moody's. (Reporting by Johann M Cherian in Bengaluru Editing by Mark Potter)