China stock index futures close lower -- April 23

BEIJING -- China's stock index futures closed lower on Tuesday, with the contract for May, the most actively traded, down 3.14 percent from the previous trading day to 2,448.4 points.

The contract for settlement in June lost 3.42 percent to 2,434.8. The September contract shed 3.26 percent to 2,446.0 points, while the December contract went down 3.18 percent to 2,468.8 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 both gains and 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.