China stock index futures close higher Friday

China's stock index futures closed higher on Friday, with the contract for August closing 1.66 percent higher at 2,274.6 points.

The September contract, the most actively traded, gained 1.71 percent to end at 2,280 points. The December contract rose 1.93 percent to end at2,297 points. The contract for March 2015 contract closed 2.05 percent higher at 2,311.8 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.