China stock index futures close lower Monday

China's stock index futures declined on Monday, with the contract for February, the most actively traded, down 1.74 percent to close at 3,397 points.

The March contract lost 1.91 percent to end at 3,412.8 and June contract went down 1.98 percent to end at 3,449. The September contract was down 1.86 percent to end at 3,469.6 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.