China stock index futures shoot sharply higher

China's stock index futures closed sharply higher on Thursday, with the contract for settlement in August, the most actively traded, closing 1.67 percent higher at 2,370.8 points.

The September contract rose 1.74 percent to end at 2,379.2 points. The December contract gained 1.72 percent to end at 2,392 points, and the March 2015 contract increased 1.65 percent to close at 2,409 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.