BEIJING -- China's stock index futures closed lower on Thursday, with the contract for March 2013 down 3.55 percent to 2,615.2 points.

The April 2013 contract, declined 3.58 percent to 2,629.4 points, while the June 2013 contract closed at 2,644.8 points, down 3.73 percent. The September 2013 contract fell 3.81 percent to close at 2,668.2 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.