FAISALABAD, Feb 26: The cotton yarn market and main cloth markets of the city remained in the grip of serious financial crisis, and the rates of majority of varieties of yarn and cloths have declined manifold.

A survey conducted by this correspondent here on Tuesday revealed that rates of polyester fibre have decreased from Rs5 to Rs7 of all counts.

The rates of polyester cotton, cotton yarn, grey cloth and silk cloth have also reduced drastically due to low sale of these varieties and less turn-out of buyers.

It was also observed that majority of the powerloom workers did not turn up on duty after Eid holidays, which forced the factory owners not to place big orders for the purchase and sale of cloth and yarn. Over 60 per cent shops in the main cloth markets were remained closed throughout the day on Tuesday.

The day-long drizzling also hampered the business transactions in the city and forced the commission agents and vendors to stay at their homes.

It is said that two big parties of the cotton yarn market abandoned their business by “grabbing” the earnings of various small dealers and commission agents, which also resulted in low sale, and purchase of all type of cloths and yarns.

Majority of the shopkeepers of the city was also seen sitting idle in their shops due to low turn-out of buyers especially those belonging to far-flung areas of the city.