Updates index move, chip stocks move and adds comments

By Summer Zhen

HONG KONG, May 15 (Reuters) - China stocks wavered in morning trade on Friday, with investors cautious heading into the last day of a high-stakes summit between U.S. President Donald Trump and China's Xi Jinping, which has delivered a few deals so far.

China’s blue-chip CSI300 Index .CSI300 and the Shanghai Composite Index .SSEC rose slightly after dipping more than 0.5% respectively in morning trade, easing further away from their recent peaks. Hong Kong’s benchmark Hang Seng .HSI fell more than 1%.

The two leaders are scheduled to have tea and lunch on Friday before Trump flies back to the United States.

Traders are closely watching for any positive signals from the meeting, including a potential easing of tariffs.

Trump told Fox News Channel that China has agreed to buy 200 Boeing BA.N jets, a number that was far fewer than analysts had expected.

Aviation stocks .CSI930741 led the decline in morning trade, down more than 2%.

Chip stocks .CSI931743, meanwhile surged 8% after China's SMIC says foreign clients shifting orders back to China.

It was undecided whether the trade truce will be extended after it expires later this year, U.S. Trade Representative Jamieson Greer told Bloomberg TV on Friday, but added that deals had been firmed up on Chinese purchases of farm goods, beef and Boeing aircraft.

Xi told ​Trump on Thursday that negotiations on trade issues had reached "balanced and positive outcomes", without elaborating.

"I think we were optimistically looking at the meeting and maybe half expecting some huge trade agreement to be proposed or announced and from that view, it has disappointed," said Nick Twidale, chief market analyst at ATFX Global.

During a state banquet on Thursday, Trump ​invited President Xi to ​the White House ​for ​a visit on ‌September ⁠24.

"This was not a meeting aimed at a full reset of US-China relations," said Cliff Zhao, chief economist at CCB International.

It was more about resuming and promoting high-level communication, reducing near-term uncertainty, and setting clearer boundaries for competition, he added.

China's yuan CNY=CFXS maintained its strength as the Trump-Xi meeting was underway. The currency hit a three-year high against the dollar in the previous session.

The yuan retreated slightly after the People's Bank of China set the midpoint rate CNY=PBOC at 6.8415 per dollar, 439 pips weaker than a Reuters' estimate.

The yuan is up 0.5% against the dollar this month, and 2.9% firmer this year.