KARACHI: Pakistani shares rose more than 2 percent on Wednesday as investors took fresh positions after 10 straight sessions of falls, said dealers.

The benchmark 100-share index of the Karachi Stock Exchange closed 2.16 percent, or 683.56 points, higher at 32,392.92, after declining 6.9 percent, or 2,356.5 points, in the previous 10 sessions.

“Lucrative valuation made investors to take fresh positions, buying was seen in banking and fertilizer stocks,” said Mohammad Rizwan, head of sales at Topline Securities Private Limited.

MCB Bank Ltd. rose 4.94 percent, Engro Corp. Ltd. gained 4.14 percent and Hub Power Company Ltd. increased 1.98 percent.

The rupee ended steady at 105.45/105.50 against the dollar.

Overnight rates in the money market fell to 5.75 percent from Tuesday’s close of 6.00 percent.