By Natsuko Waki

LONDON, Feb 13 (Reuters) - Ukraine's hryvnia fell towards last week's 4-year low versus the dollar and its sovereign bonds tumbled on Thursday as concerns intensified about the economic outlook, while higher U.S. Treasury yields weighed on broad emerging shares.

The Nigerian naira tested a two-year low against the dollar a day after President Goodluck Jonathan sacked four cabinet members in the latest of a wave of government changes before elections next year.

South Africa's rand ZAR= , the Turkish lira TRY= and Hungarian forint HUF= also traded weaker.

Concerns have been growing as to how Ukraine could keep supporting its currency and pay off its debt as Russia suspended a $15 billion bailout after President Viktor Yanukovich sacked his prime minister on Jan. 28.

"It is continued fallout from the political crisis," said Richard Segal, analyst at Jefferies.

That dismissal was seen as a concession to anti-government protesters who have taken to the streets to demonstrate against moves that would bring the former Soviet republic closer into Moscow's economic orbit.

The central bank brought in temporary currency controls last week after the hryvnia fell below 9 per dollar for the first time in five years.

Ukraine's sovereign dollar bond due 2020 hit a two-year low of 83.50 cents UA054378319= while state energy firm Naftogaz' 2014 bond UA045920712= hit its lowest level since October 2011 on Wednesday.

The benchmark emerging equity index .MSCIEF slipped, following China's shares .SSEC which fell for the first time in five days because of weakness in the property sector.

Higher Treasury yields also weighed on general sentiment as investors pull money away from emerging market assets to the recovering U.S. economy.

U.S. Treasury yields rose on Wednesday after the U.S. House of Representatives passed a measure on the debt ceiling and a new Federal Reserve chair vowed to maintain the bank's current strategy of reducing asset purchases at a gradual pace.

Yields on U.S. 30-year bonds US30YT=RR climbed to three-week peaks, while those on 10-year notes US10YT=RR hit two-week highs.

"At the end of the day, U.S. rates will be tighter and that's not going to be positive for emerging markets. Also it's not easy to have a clear view on what's happening in China," said Gaelle Blanchard, strategist at Societe Generale in Paris.

The rand fell half a percent to 11.06 per dollar while the lira was a touch softer at 2.19.

Turkey launched a 2045 dollar bond earlier, with the prices up 1.25 point already.

Hungary's forint was down 0.3 percent at 310.32 EURHUF= , with focus turning to next week's monetary policy meeting.

Investors are watching inflation data due on Friday for signals that the central bank could cut interest rates further from record lows of 2.85 percent despite market tensions.

The Nigerian naira fell to 165.78 per dollar NGN=D1 , bringing its year-to-date losses to more than 3 percent.

Africa's second largest economy and biggest oil producer has been a top frontier market investment destination over the past few years but political instability is a concern ahead of elections.

The central bank announced new rules last week requiring currency dealers to put naira in their accounts at the bank two days before bidding in its forex auctions, but the move did little to stem the naira's decline.

For GRAPHIC on emerging market FX performance 2014, see http://link.reuters.com/jus35t

For GRAPHIC on MSCI emerging index performance 2014, see http://link.reuters.com/weh36s

For GRAPHIC on MSCI emerging Europe performance 2014, see http://link.reuters.com/jun28s

For GRAPHIC on MSCI frontier index performance 2014, see http://link.reuters.com/zyh97s

For CENTRAL EUROPE market report, see CEE/

For TURKISH market report, see .IS

For RUSSIAN market report, see RU/RUB

(Additional reporting by Sujata Rao and Carolyn Cohn, editing by Elizabeth Piper)

((natsuko.waki@thomsonreuters.com)(+44 207 542 6721)(Reuters Messaging: natsuko.waki.thomsonreuters.com@reuters.net)) 

 ((Emerging Markets Prices from Reuters              Equities                  Latest    Net Chg  % Chg  % Chg                                                                  on year              Morgan Stanley                 Emrg Mkt Indx   
  .MSCIEF
     946.77    -6.53   -0.68   -5.58               Czech Rep       
  .PX
        1013.48    -4.61   -0.45   +2.47               Poland          
  .WIG20
     2473.95    -8.63   -0.35   +3.04               Hungary         
  .BUX
      17978.36   -83.84   -0.46   -3.16               Romania         
  .BETI
      6335.49    +8.79   +0.14   -2.44               Greece          
  .ATG
       1280.29    +2.07   +0.16  +10.12               Russia          
  .IRTS
      1343.03   -10.14   -0.75  +15.51               South Africa    
  .JTOPI
    41997.02  +148.11   +0.35   +1.24                Turkey          
  .XU100
    63943.71  -570.01   -0.88   -5.69               China           
  .SSEC
      2098.40   -11.55   -0.55   -0.83               India           
  .BSESN
    20260.81  -187.68   -0.92   -4.30                            Currencies              Latest    Prev    Local    Local                                                  close   currency currency                                                        % change % change                                                                 in 2014              Czech Rep     
  EURCZK=
     27.51     27.51   +0.02    -0.63              Poland        
  EURPLN=
      4.17      4.16   -0.21    -0.45              Hungary       
  EURHUF=
    310.65    309.29   -0.44    -4.40              Romania       
  EURRON=
      4.49      4.48   -0.01    -0.56              Serbia        
  EURRSD=
    115.77    115.66   -0.10    -1.10              Russia        
  RUB=
        34.96     34.82   -0.40    -5.92              Kazakhstan    
  KZT=
       184.48    184.49   +0.01   -16.36              Ukraine       
  UAH=
         8.74      8.65   -1.03    -5.84              South Africa  
  ZAR=
        11.03     10.99   -0.40    -5.28              Kenya         
  KES=
        86.35     86.00   -0.41    -0.17              Israel        
  ILS=
         3.51      3.51   +0.09    -1.25              Turkey        
  TRY=
         2.20      2.19   -0.16    -2.28              China         
  CNY=
         6.06      6.06   -0.03    -0.16              India         
  INR=
        62.35     62.09   -0.42    -0.88              Brazil        
  BRL=
         2.42      2.43   +0.14    -2.47              Mexico        
  MXN=
        13.35     13.32   -0.22    -2.39                           Debt                 Index   Strip Spd  Chg   %Rtn   Index               Sov'gn Debt   
  11EML
   EMBIG   366          3   0.07   629.29                            All data taken from Reuters at 0906 GMT.              Currency percent change calculated from the daily U.S.              close at 2130 GMT.            ))

Keywords: MARKETS EMERGING