KARACHI: Pakistani stocks closed lower on Monday, although the market gained 49 per cent during 2012 and crossed 17,000 points for the first time.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.22 per cent, 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 per cent, or 0.67 rupee, to 14.59 per share and Bank of Punjab, which was up 10.31 per cent, or one rupee, to 10.70 per share.

Stocks that fell included TRG Pakistan, down 0.7 per cent to 5.65 per share, and Fauji Cement, which fell 0.91 per cent 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 per cent compared to Friday’s close of 7 per cent.