Updates to the close

SHANGHAI, May 8 (Reuters) - Chinese stocks recorded a fifth consecutive weekly gain on Friday, despite renewed U.S.-Iran hostilities threatening a fragile ceasefire, while investors await the meeting between Beijing and Washington next week for cues on economic policies.

** At the close, the benchmark Shanghai Composite index .SSEC was flat, while the blue-chip CSI300 Index .CSI300 fell 0.58%.

** In Hong Kong, the benchmark Hang Seng Index .HSI declined 0.87%, while the city's tech shares .HTECH eased 0.36%.

** For the week, both the SSEC and CSI300 notched their fifth consecutive weekly gains, the longest winning streak since last July, with the former rising 1.65% and the latter up 1.34% this week.

** The HSI Index has gained 2.39% for the week.

** The U.S. and Iranian forces clashed in the Gulf, and the UAE came under renewed attack, endangering a month-old ceasefire and ‌shaking hopes for a diplomatic solution to the crisis.

** Semiconductor shares led the losses, as investors locked in profit following recent gains. A sub-index .CSI990001 tracking the sector lost 2.73%.

** Shanghai's tech-focused STAR50 Index .STAR50 dropped 2.29%.

** "China remains a relative bright spot, supported by strong risk appetite and renewed inflows," Wee Khoon Chong, APAC macro strategist at BNY, said in a note.

** "Geopolitics (Middle East) and next week's U.S.–China developments are key near-term catalysts."

** Much of the market attention will shift to U.S. President Donald Trump's visit to China next week and a string of domestic data, including trade on Saturday, inflation on Monday, and credit lending data later next week.

** The White House has invited a scaled-back CEO delegation to accompany Trump to Beijing next week, five sources briefed on preparations said, reflecting divisions in the administration on economic policy toward China and limited expectations for the summit.

** China's export growth likely quickened in April, a Reuters poll showed, as companies rushed to stockpile components from the manufacturing powerhouse amid fears the Iran war could push input costs even higher.