China stock index futures open higher Friday

China's stock index futures opened higher on Friday, with the contract for settlement in August, the most actively traded, up 29.8 points to open at 2,254.8.

The contract for settlement in September gained 26 points to open at 2,240. The December contract rose 25.2 points to open at 2,241.4, while the March 2014 contract opened 22.4 points higher at 2,255.8.

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.