Siemens helps European shares bounce back from lows

* Rise in Siemens adds most points to FTSEurofirst 300

* FTSEurofirst 300 up 0.5 pct, bouncing off lows

* FTSEurofirst 300 had fallen for last three sessions

* Concerns about emerging markets sell-off linger

By Sudip Kar-Gupta

LONDON, Jan 28 (Reuters) - European shares bounced back from near one-month lows on Tuesday, helped by a rise in Siemens after the German engineer posted higher first quarter profits.

But concerns about a sell-off in emerging markets lingered.

Some traders and analysts said any gains this week could be limited as expected cuts in the U.S. Federal Reserve's economic stimulus programme could further hit emerging economies that are dependent on exports and foreign capital.

The pan-European FTSEurofirst 300 index, which had fallen for the last three sessions to its lowest level in more than a month, bounced 0.5 percent to 1,296.35 points in early session trading.

The euro zone's blue-chip Euro STOXX 50 index advanced 0.6 percent to 3,032.46 points.

A 1.2 percent rise in Siemens added the most points to the FTSEurofirst 300.

Traders welcomed the fact that Siemens' results beat market forecasts and said the stock had further merits in its solid dividend yield and the prospect of share buybacks in future.

"Q1 was better than expected and the time of big charges seems to be over," said DZ Bank analyst Jasko Terzic, who kept a "buy" rating on the shares.

Toby Campbell-Gray, head of trading at Tavira Securities, said the current emerging market-related hit to global stock markets would be relatively short-lived, and that the dip could offer good chances to buy up stocks at relatively cheap prices.

"By rough investment criteria, the equity space is still within the bands of value versus bonds and meagre returns on cash," he said.

"The fact that indexes are now down on the year is a happy situation. At the end of December, investors were screaming for a pull-back."