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Pakistan stocks end lower, rupee steady, o/n rates rise

Source : REUTERS
Last Updated: Mon, Dec 31, 2012 18:30 hrs

KARACHI, Dec 31 (Reuters) - Pakistani stocks closed lower on Monday, although the market gained 49 percent during 2012 and crossed 17,000 points for the first time.

The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 0.22 percent, or 37.86 points, lower at 16,905.33.

The market's rise was partly down to a substantial decrease in the interest rate, said dealer Samar Iqbal at Topline Securities.

Stocks that ended positively included Byco Petroleum , which rose 4.81 percent, or 0.67 rupee, to 14.59 per share and Bank of Punjab, which was up 10.31 percent, or one rupees, to 10.70 per share.

Stocks that fell included TRG Pakistan, down 0.7 percent to 5.65 per share, and Fauji Cement, which fell 0.91 percent to 6.53 per share.

In the currency market, the Pakistani rupee ended steady at 97.18/97.23 against the dollar, compared to Friday's close of 97.17/97.23.

Overnight rates in the money market ended at 8 percent compared to Friday's close of 7 percent. (Compiled by the Karachi newsroom)



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