Stocks head for 3% weekly decline amid global growth fears

* MSCI EM stocks +1.7%, FX +0.1%

* Turkish March factory output beats forecasts; lira off 0.5%

* China stocks firm on PBOC stimulus hopes

* Rouble hits fresh 5-year high vs euro; CPI numbers due 1600 GMT

* S. African rand up ahead of 50 bps rate hike expected Thursday

By Anisha Sircar

May 13 (Reuters) - Emerging market stocks gained on Friday but were headed for a weekly loss of 3% as U.S. rate hike and recessionary jitters drove investors away from riskier assets, while South Africa's rand rose in anticipation of an interest rate hike next week.

The MSCI EM stocks index .MSCIEF firmed 1.7%, bouncing off 22-month lows plumbed earlier this week, but was down nearly 20% this year. Currencies .MIEM00000CUS have lost almost 4% amid a dollar boost as investors ramp up aggressive U.S. monetary tightening expectations amid concerns of a sharp slowdown in growth.

China stocks .CSI300 added between 0.8% and 1%.

"Chinese stocks have been lifted over speculation that The People's Bank of China will unleash a fresh round of stimulus to help companies keep borrowing costs lower amid worries about the economy losing steam," said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.

However, investor jitters about weaker global growth and lower demand loom large, Streeter added.

As riskier assets tumble under the pressure of developed markets eyeing more aggressive tightening cycles, another Wall Street selloff drove flight-to-safety bids. The dollar index =USD was last at 104.63, just off its overnight 20-year peak of 104.92.

MSCI's EM currencies index was little changed.

"The U.S. dollar and U.S. bonds are investors' haven of choice at the moment and earning 2.50% to 3.0% to shelter your money from events in the world is appealing - that's likely to keep the dollar resplendent into the weekend," said Jeffrey Halley, senior market analyst at OANDA.

Meanwhile, South Africa's rand ZAR= firmed 0.7% as investors await a monetary policy committee meeting next week where the central bank is set to make its first 50 basis point hike to its repo rate in over six years.

Elsewhere, Turkey's lira TRY= dipped for the seventh consecutive day against the dollar, bringing its losses in the week to over 3% as it continued to hurtle towards December lows.

In a bright spot, the country's industrial production expanded 9.6% year-on-year in March, data showed, exceeding a Reuters poll forecast of 6.5% and remaining buoyant against surging inflation.

The Russian rouble RUB= EURRUBTN=MCX touched a five-year high versus the euro, supported by continuing restrictions on currency trading. For GRAPHIC on emerging market FX performance in 2022, see Link For GRAPHIC on MSCI emerging index performance in 2022, see Link

For TOP NEWS across emerging markets

For CENTRAL EUROPE market report, see

For TURKISH market report, see

For RUSSIAN market report, see
Reporting by Anisha Sircar in Bengaluru; Editing by Krishna Chandra Eluri

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