China stock index futures close lower -- Aug 28

BEIJING -- China's stock index futures closed lower on Wednesday, with the contract for September down 0.57 percent from the previous trading day to 2,322.8 points.

The October and December contracts both declined 0.57 percent to finish at 2,326.6 and 2,333.8, respectively, while the March 2014 contract lost 0.59 percent to end at 2,344.6.

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.