BEIJING -- China's stock index futures closed down Monday with the contract for August, the most actively traded, down 1.74 percent from the previous trading day to 2,367.8 points.

The September contract dropped 1.8 percent to close at 2,378.2 points. The December contract dropped 1.65 percent to 2,413 points, while the March 2013 contract declined 1.71 percent to finish at 2,441.2 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.