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Mercados

China shares post biggest weekly drop in eight as Sino-U.S. rift weighs

* SSEC ends up 0.79% in thin trade; CSI300 +0.99%

* SSEC, CSI300 post biggest weekly drop in eight weeks

* ChiNext index posts biggest weekly drop since March

SHANGHAI, Sept 11 (Reuters) - Chinese shares recovered lost ground to end higher on Friday, though the benchmark Shanghai Composite Index posted its biggest weekly drop in eight as Beijing’s rift with Washington had investors sticking to safer assets.

** At the close, the Shanghai Composite index was up 0.79% at 3,260.35 after earlier falling as much as 0.44%. The index finished 2.83% lower for the week, its biggest weekly drop since mid-July. ** The blue-chip CSI300 index closed up 0.99%, trimming its weekly losses to 3%.

** U.S. President Donald Trump said on Thursday the deadline set for Chinese company ByteDance to sell its popular short-video app TikTok’s U.S. assets would not be extended. ByteDance has been looking to pick a buyer so it can finalize a deal by mid-September and comply with Trump’s order to divest TikTok’s assets. ** Trading activity was thin, with about 22.17 billion shares traded on the Shanghai exchange, just 67.2% of the market’s 30-day moving average of 32.98 billion shares a day. The volume in the previous trading session was 31.25 billion.

** The financial sector sub-index fell 0.22%, the consumer staples sector added 1.53%, the real estate index lost 1.22% and the healthcare sub-index gained 1.79%. ** The smaller Shenzhen index ended up 1.64% and the start-up board ChiNext Composite index was higher by 2.158% after posting sharp losses earlier in the week. ** The ChiNext index finished down 7.16% for the week, its biggest weekly drop since March, following reports of a regualtory clampdown on speculation. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.04%, while Japan’s Nikkei index closed up 0.74%. ** At 0707 GMT, the yuan was quoted at 6.8368 per U.S. dollar, 0.04% weaker than the previous close of 6.8338. ** So far this year, the Shanghai stock index rose 6.9% and the CSI300 gained 13%, while China’s H-share index listed in Hong Kong is down 12.7%. Meanwhile, Shanghai stocks have declined 3.99% this month. (Reporting by Andrew Galbraith, Editing by Sherry Jacob-Phillips)

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