China stock index futures sink more than 3%

BEIJING -- China's stock index futures closed sharply lower on Thursday, with the contract for settlement in June, the most actively traded, down 3.80 percent from the previous trading day to 2,383.6 points.

The July contract lost 3.82 percent to 2,375.2 points. The September contract went down 3.79 percent to 2,389.8 points, while the December contract shed 3.58 percent to 2,421.4 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 and started trading from April 16, 2010. The CFFEX has set the base value for all the four contracts at 3,399 points.