* Intel's bleak forecast drags Asian markets

* U.S. PCE data due at 1330 GMT

* Indonesian rupiah tracks steep weekly drop

* EM stocks up 1.3%, FX rises 0.2% on the week

Jan 26 (Reuters) - Emerging market stocks were set for their first weekly gain in four on Friday as China's decision to roll out more stimulus measures revived sentiment which had been dented by uncertainty around the timing of U.S. rate cuts.

MSCI's index of emerging market (EM) equities was down 0.5% at 0920 GMT, snapping three days of gains. The index was set for a weekly gain of 1.3%.

A gauge of regional currencies was flat against a firm dollar, but also on track for marginal gains this week.

Risk sentiment was subdued on Friday as investors awaited a key U.S. inflation report due later in the day. The data comes at a time when resilience in the U.S. economy has clouded the outlook for rate cuts by the Federal Reserve.

Adding to the uncertainty, U.S. chipmaker Intel's dour forecast weighed on technology shares in Asia. Hong Kong's tech sector lost 3.8% while semiconductor stocks in China also fell.

The broader Hang Seng index dropped 1.6%.

Still, both the Hang Seng and China's blue-chip index were set for robust weekly gains due to policy support measures undertaken by Chinese authorities and reports of a 2 trillion yuan ($279 billion) rescue package.

Investors poured almost $12 billion into Chinese equity funds in the week to Wednesday in the largest inflow since 2015, a BofA Global Research report showed.

"We remain sceptical about how long the effect of government measures can last," said Lemon Zhang, macro and FX strategist at Barclays in a note.

"In order for the drip-feed of modest measures to bring China out of its visibly entrenched debt-deflation spiral they will need to add up to a package large enough to impact growth and confidence dynamics.

Equities in Johannesburg slid 0.1% on Friday while those in Turkey, Russia and Romania were among gainers.

Among currencies, the Indonesian rupiah was down 1.3%on the week and set for its biggest weekly drop in a year on reports of the potential resignation of the country's finance minister.

The South African rand was flat against the dollar, a day after the central bank held rates steady. It is up 0.7% for the week.

The South Korean won and the Indian rupee were largely flat on the week.


** Indonesia's 10-year bond yield largely steady at 6.643%.

** Shanghai Composite Index set for biggest weekly gain since July 2023

** Indian markets closed for public holiday

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(Reporting by Amruta Khandekar Editing by Mark Potter)