Pakistan stocks end lower at new year

Last Updated: Tue, Jan 01, 2013 12:40 hrs

KARACHI, Jan 1 (Reuters) - Pakistani stocks closed lower on Tuesday, partly because major global markets and local banks were closed.

But overall 2012 was a good year for the market, which gained 49 percent and crossed 17,000 points for the first time.

The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 0.65 percent, or 110.46 points, lower at 16,794.87.

Stocks that ended positively included Mills, which rose 0.55 percent, or 0.35 rupee, to 64.20 per share and Engro Foods, which was up 0.22 percent, or 0.22 rupees, to 98.36 per share.

Stocks that fell included Bank of Punjab, down 9.35 percent to 9.70 per share, and Byco Petroleum, which fell 2.56 percent to 14.08 per share.

In the currency market, the Pakistani rupee ended steady at 97.18/97.23 against the dollar on Monday.

Overnight rates in the money market ended at 8 percent on Monday. On Tuesday the currency market and money markets are closed due to a bank holiday. (Compiled by the Karachi newsroom)

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