China stock index futures open lower Friday

China's stock index futures opened lower on Friday, with the contract for settlement in June, the most actively traded, down 18.4 points from the previous close to 2,312.8.

The contract for settlement in July dropped 22.4 points to open at 2,291. The September contract dropped 20.2 points to 2,300, and the December contract opened 15.6 points lower at 2,327.8.

The stock-index contracts, agreements to buy or sell the Hushen 300 Index at a present value on an agreed date, are designed to allow investors to bet on and profit from either gains or declines in the market.

The index futures were launched at the China Financial Futures Exchange (CFFEX) and started trading from April 16, 2010. The CFFEX has set the base value for all the four contracts at 3,399 points.