(Updates closing price)

HONG KONG, Jan 8(Reuters) -

Chinese and Hong Kong stocks pared losses on Wednesday after

the latest stimulus efforts, but sentiment remained subdued amid

geopolitical tensions and economic uncertainties.

** China's blue-chip CSI 300 index lost as much as

1.7% during the session, but pared some of it to close 0.2%

lower at 3,789.22 points. The Shanghai Composite index

also pared losses and closed flat at 3,230.17 points.

** In Hong Kong, the benchmark Hang Seng Index closed 0.9% lower

after dropping as much as 1.7% earlier in the session, extending

its decline to a third consecutive day and reaching its lowest

point since late September.

** The losses were narrowed in the afternoon trading session as

markets digested Beijing's latest measures to expand the scope

of consumer trade-ins.

** Leading the decline onshore, shares of semiconductor firms

fell 0.7%, giving up some of the gains made on

Tuesday following the U.S. Defense Department expanding the list

of firms allegedly aiding Beijing's military.

** Shares of chipmaker Semiconductor Manufacturing International

Corporation closed down 2% after weakening to a

three-week low during the trading session. Peer Hua Hong

Semiconductor lost 1.1%.

** More home appliances, such as microwave ovens and water

purifiers, have been added to the list of products eligible for

the consumer trade-in scheme. Subsidies for digital goods will

also be offered this year to help revive demand in the sluggish

household sector, authorities said on Wednesday.

** Both funding and implementation matter for the effectiveness

of China's consumption stimulus and were in line with

expectations, but the 2025 fiscal budget to be released during

the March "Two Sessions" will be the key to gauging the funding

strength, analysts at Goldman Sachs said in a note on Wednesday.

** "Chinese equities will likely go through a volatile period

until policy delivery materializes," the bank said in a separate

note.

** Around the region, MSCI's Asia ex-Japan stock index

was weaker by 0.55%, while Japan's Nikkei index

closed down 0.26%.