EMERGING MARKETS-EM stocks hit records as AI optimism powers Asian bourses

* MSCI EM stocks hit record high on AI optimism

* MSCI EM ​FX set ⁠for sixth session of gains

* SK Hynix tops $1 trillion ​valuation, pushes KOSPI to records

* South Africa rate decision awaited this week

May 27 (Reuters) - MSCI's index tracking emerging market stocks hit a record ​high ‌on Wednesday, driven by gains in tech-heavy Asian bourses, while currencies were mixed as investors watched for developments in the Middle East.

The index ⁠tracking global EM stocks rallied 1.2% to a record high, putting ⁠it on track for a fifth session of gains, ​its longest run since the Iran war started.

The rise was powered by a 2.3% jump in South Korea's KOSPI , which extended its stay at record levels. Chipmaker SK Hynix soared 9.3% to hit $1 trillion in market valuation, while Samsung climbed 2.7% ​after workers ‌agreed to a wage deal.

AI-heavy Taiwanese stocks added 1.7%. Stocks in Asian EMs, especially South Korea and Taiwan, have benefited from a surge in appetite for AI, as investors overlooked the region's reliance on Middle East energy, which can impact inflation and economic growth.

Meanwhile, Iran said on Tuesday that the U.S. had violated a ceasefire by striking targets near the Strait of ​Hormuz, complicating efforts to end the war, while Israel pounded Lebanon.

"Equities continue to find support in energy and secular themes, but other ‌asset classes are no longer benefiting from ceasefire talks or the prospect of a settlement," said Geoff Yu, EMEA macro strategist at BNY.

"Rising inflation expectations, and what they ‌mean for rate cuts, are weighing on bond markets... even as central banks lean hawkish, FX carry trades are not seeing any benefit," Yu added.

MSCI's index tracking EM currencies was muted, but on track for its sixth session of gains.

Most Asian ​currencies were little changed to higher against the dollar, while China's yuan hovered near a three-year high.

South Africa's rand gained 0.2%, while its stocks were off ‌0.5%, tracking slight declines in gold prices.

The gold exporter is awaiting a central bank rate decision on Thursday, where policymakers are widely expected to hike rates by 25 basis points to 7%.

Meanwhile Russia's rouble appreciated 1.4% against the dollar, over-the-counter market ⁠data showed.

Most currencies ⁠in emerging Europe were subdued to lower against the euro, with Hungary's forint ‌slipping 0.3%.

Hungary's central bank left its base rate steady at 6.25% on Tuesday as expected, while flagging issues stemming from rising energy prices. Local equities ​added 0.4%.

Stocks in Romania and ​Poland were up 0.1% and 0.3%, respectively.

Markets in Turkey were closed on Wednesday for ‌a holiday.

HIGHLIGHTS:

** IMF and Bangladesh discuss new program for reforms

** China's April industrial profits grow at fastest in more than two years

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For RUSSIAN market report, see (Reporting by Avinash P and Purvi Agarwal in Bengaluru; Editing by Jan Harvey)