MOSCOW, Dec 27 (Reuters) - Moscow stock indexes inched higher on Friday to end the week on a positive note even though Russian equities have felt the impact of big outflows of investor cash from emerging markets.

At 0745 GMT the rouble-denominated MICEX index .MCX was flat at 1,502 points and the dollar-denominated RTS index

.IRTS was up 0.1 percent at 1,450 points. The MICEX index has gained 1.8 percent over the year so far, while the RTS is down 5 percent, pressured by the weaker rouble.

"Despite some possible profit taking on the Russian market before the holidays, the trading will be supported by improving fundamentals in the United States," Mark Bredford, an analyst at BCS said in a note.

U.S. stocks advanced on Thursday, with the Dow ending at a record high after strong economic data pointed to a recovering labour market that could free the Federal Reserve to continue cutting back on its economic stimulus.

The Fed has already said it would begin reducing its asset purchase programme. ID:nW1N0IY00G The prospect of an end to the Fed's easy money policy has made investors more selective in picking high-yielding assets, such as emerging market equities.

Outflows from emerging market equities in December reached its strongest since May, Sberbank Investment Research said, citing EPFR Global data.

Russian equity funds saw outflows of $178 million for the week ending on Wednesday versus $482 million in the previous week, Sberbank research showed.

Russian treasury bonds were little changed in thin trading

RU10YT=MM RU5YT=MM .

The Russian Finance Ministry met with market players on Thursday, giving a detailed briefing on plans for next year.

Egor Fyodorov, an analyst at ING bank in Moscow, who was present at the meeting, said the ministry plans to swap some non-liquid government bonds with more liquid issues, possibly Eurobonds.

The Finance Ministry also intends to stop publishing yield guidance before its weekly treasury auctions next quarter, Fyodorov added.

"This innovation will be implemented to give the Finance Ministry more flexibility on the primary placements during periods of high volatility," he said.

The Ministry plans domestic net debt placements at 485 billion roubles ($14.85 billion) in 2014 versus around 420 billion roubles ($12.86 billion) reached this year, analysts at ING and BCS said.

The rouble firmed against the dollar on Friday, supported by strong oil prices and strained liquidity on the money market.

The Russian currency was up 0.2 percent against the dollar at 32.61 RUBUTSTN=MCX , and 0.4 percent lower at 44.90 against the euro EURRUBTN=MCX leaving it 0.1 percent weaker at 38.14 against the dollar-euro basket. RUS=MM

For rouble poll data see FXRUB FXEURRUB FXRUS

For Russian equities guide see RU/EQUITY

For Russian treasury bonds see 0#RUTSY=MM

Russia in graphics: http://link.reuters.com/dun63s ($1 = 32.6657 Russian roubles)

(Reporting by Maya Nikolaeva; Editing by Lidia Kelly and Jane Merriman)

((maya.nikolaeva@thomsonreuters.com)(+7-495-775-12-42))

Keywords: RUSSIA MARKETS/