China stock index futures close lower

China's stock index futures closed lower on Friday, with the contract for November, the most actively traded, down 1.53 percent from the previous trading day to close at 2,311.2 points.

The December contract dropped 1.58 percent to 2,311.6. The March 2014 contract lost 1.48 percent to 2,324.4 points, while the June 2014 contract dipped 1.52 percent to 2,323.2 points.

The stock-index contracts, agreements to buy or sell the Hushen 300 Index at a preset 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 was 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.