China stocks snap 4-session losing streak

China stocks snapped a four-session losing streak to end higher on Tuesday, powered by robust gains in tech firms, and as trade war fears eased on reports of behind-the-scenes talks between China and the US.

At the close, the Shanghai Composite Index was up 1.05 percent at 3,166.65 points, while the blue-chip CSI300 index was up 0.86 percent at 3,913.27 points.

The rally was led by tech firms, with the techheavy start-up board ChiNext closing up 3.60 percent, as analysts expected the China-US trade tensions to prompt more reforms and support for China’s emerging industries.

The largest percentage gainers in the main Shanghai Composite Index were Changchunjingkai Group Co up 10.04 percent, followed by JiLin Sino-Microelectronics Co.

Sentiment was upbeat amid reports that Chinese and US officials were busy negotiating to avert an all-out trade war.

Top White House officials are asking China to cut tariffs on imported cars, allow foreign majority ownership of financial services firms and buy more US-made semiconductors in negotiations in order to avoid plans to slap tariffs on a host of Chinese goods and thus a potential trade war, according to media reports.

Chinese Premier Li Keqiang said on Monday that China and the US should maintain negotiations and reiterated pledges to ease access for US businesses, as China scrambles to avert a trade war.