China stock index futures open lower Wednesday

China's stock index futures opened lower Wednesday with all of the four contracts down from the previous trading day.

The contract for May fell 16.8 points to open at 2,762.2. The June contract, which is most actively traded, dropped 31.2 points to open at 2,779.2.

The September contract opened at 2,803.0, down 33 points from the previous trading day, and the December contract opened at 2,852.0 points, down 19.6 points.

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 both gains and 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.

Source: Xinhua