KARACHI, Nov 10: Purchasing activities in markets here have plummeted sharply after Sept 11, owing to the ever-increasing graph of unemployment and large scale retrenchments coupled with declining trend of business.

In an interview, shopkeepers and dealers claimed that prices of essential commodities were declining in a majority of markets mainly because of the lacklustre selling and purchasing activities.

Consumers are generally found uninterested in stocking items of daily commodities despite approaching of the holy month of Ramazan due to financial crunch and uncertainty which has generated fears among the people.

Owing to decline in business and trade activities and fast changing events in Afghanistan, a large number of people have been fired by their employers while many more are facing uncertain and bleak future, Jaffar Kodia, secretary, Pakistan Kiryana Merchants’ Association told PPI, on Saturday.

He ruled out the possibility of hoarding in Ramzan saying that traders were not in a position to hoard commodities for profiteering and driving financial mileage as consumers were not flocking markets as witnessed during previous years.

On the contrary, there are speculations that prices of commodities would register a decline, he added.

He said recent economic crises have also affected upper middle class of the society which, according to him, had so far appeared unaffected by the prevailing developments.

The war in Afghanistan has contributed significantly towards sharp decay in economy which is facing perilous situation, he noted.

He described paying of utility bills by the masses as beyond their financial capacity as after clearing their utilities they have no choice but to curtail their daily expenditures. “In the present condition traders are facing critical situation to clear their stocks which has become financial liability to them,” he pointed out.

He noted with concern that prices of spices and pulses might go down in coming days amid slow buying activities.

He claimed that the never-ending cycle of strikes and protests against the government policies has spurred uncertainty in city markets.

He informed that importers have demanded the government to reduce import duty levied on spices, tea and milk in fiscal budget as the unjustified taxes have been benefiting smugglers.—PPI