Emerging market stocks lost ground on Thursday, tracking global equities lower as a two-day rebound in risk assets lost steam, while Hungary's forint rose after data pointed to rising inflationary pressures.

Equity markets opened lower, with tech-heavy bourses in Taiwan and South Korea leading losses in Asia.

Similarly, bourses in Prague, Budapest and Warsaw fell between 0.1% and 1.4%, while MSCI's gauge of global emerging market stocks lost 0.5%.

Sentiment remained fragile after concerns about a U.S. economic recession set off a rise in safe-haven assets like the yen, leading to a steep selloff on Monday. Markets had regained some ground in the previous two days.

"We have seen a couple of better sessions for risk assets, where some stability in equity markets has allowed market interest rates to rise from panicked levels and allowed some of the battered risk currencies to claw back some of their heavy losses," analysts at ING wrote in a note.

"Determining whether those equity corrections continue or fizzle out will be the combination of U.S. data and Fedspeak."

Hungary's forint strengthened to 396.92 against the euro after core inflation rose to 4.7% in July, sending "a mildly hawkish signal to the National Bank of Hungary," according to ING.

Other central European currencies traded slightly higher against the euro, with Poland's zloty picking up from a one-month low touched on Wednesday.

Markets will pay close attention to U.S. jobless claims data later on Thursday for direction on the path of economic growth and likely monetary policy response in the world's largest economy.

MSCI's gauge of EM currencies rose 0.2% , as the U.S. dollar gave back gains.

Shares of Poland's second largest lender Pekao lost 4.6% after higher operating costs weighed on its second-quarter net profit, further weighing on the Polish stock index.

Elsewhere, the Turkish Central Bank will maintain its tight monetary policy stance so that disinflation will continue, bank governor Fatih Karahan said, while leaving inflation forecasts unchanged.

The lira was flat against the dollar, while Turkish stocks gained 0.3%.

India's rupee was steady, while stocks lost ground after the Reserve Bank of India kept its key interest rate unchanged.

Elsewhere, Egypt's annual urban consumer price slowed to 25.7% in July, below median forecasts of 26.6%. The Egyptian pound was little changed against the dollar.

The Russian rouble slipped to 94.44 per euro as oil prices slipped after two days of gains.

The Nigerian naira strengthened to 1,597 per dollar, from 1,628 on Wednesday after the country's central bank sold $876 million to ease pressure on the currency.

(Reporting by Lisa Mattackal in Bengaluru; Editing by David Evans)