China stock index futures open lower Friday

China's stock index futures opened lower on Friday, with the contract for settlement in August, the most actively traded, down 5.8 points to open at 2,365 points.

The contract for settlement in September was down by 6 points to open at 2,373.2. The December contract droped 10 points to opene at 2,382 points, and the March 2015 contract edged down 9.4 points to open at 2,399.6.

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.