* China factory, services sectors show weakness
* Pakistan's benchmark share index up 2%
* Polish inflation slows more than expected
July 31 (Reuters) - Hong Kong equities boosted gains in the emerging market stock index on Monday, setting the stage for a monthly advance, while traders kept an eye out for political unrest and a monetary policy decision in Pakistan and Russia's geopolitical tensions.
Tech and real estate stocks led a Hong Kong rally on hopes of further measures following weak manufacturing data, aiding a 0.2% gain in the MSCI's gauge for EM stocks.
However, the MSCI gauge has been resilient with a near-6% jump in July, eyeing its best month this year, even though evidences of a rocky post-pandemic recovery, property market troubles and scepticism around China's policy measures have sent its stocks on a turbulent ride.
"Stimulus hopes gripped markets last week following a more supportive tone in a key Politburo meeting, but we are not convinced that this is the turning point markets are hoping for," Tellimer analysts noted.
Other notable EM performers pointed out by analysts included South African shares amid signs of softer inflation and possible rate cuts, Turkey on an investment deal with Abu Dhabi and central bank developments and Pakistan after its IMF deal.
Pakistan's benchmark stock index rose as much as 2% on Monday to pass 48,000 points for the first time since August 2021, data showed.
Traders monitored Pakistan's unrest ahead of a general election due late this year, including a suicide bombing, while also awaiting a policy decision later in the day.
Meanwhile, the MSCI EM currencies index steadied as it was set for monthly gains as the dollar headed for a July decline amid bets that the Federal Reserve's policy tightening concluded with last week's 25-basis-point rate hike.
South Africa's rand was set for its best month since January 2019. Deutsche Bank analysts retained their constructive view on the currency given their bearish stance on the dollar, while flagging fiscal risks into the October budget.
The crown gained 0.5% against the euro after preliminary data revealed the Czech economy notched slight quarterly growth in the second quarter, showing recovery signs.
A report showed Poland's central banker Przemyslaw Litwiniuk acknowledging still-high inflation and no reason to think about near-term rate cuts.
Data, however, showed Polish inflation eased more than expected in July, boosting chances of a rate cut as soon as September. The zloty was flat against the euro.
The Russian rouble hit a more than three-week low against the dollar as a favourable tax period passed and after drone attacks in the heart of Moscow damaged two office buildings in the Moskva-Citi business district.
Elsewhere, rating agency Fitch upgraded Latvia and Armenia, it downgraded Estonia. (Reporting by Ankika Biswas in Bangaluru)
