KARACHI, Feb 19: The post-election session on the cotton market on Tuesday failed to attract spinners and mills as most of them were in a mood to celebrate the victory of their respective parties in the Monday’s national elections.

There was, however, an air of optimism in the textile sector in response to a credible performance of the Pakistan Muslim League (Nawaz) amid hopes of a better deal for the textile industry, now facing a number of problems, including a short crop and higher prices.

Some of the local spinners were, however, buyers at the current level but there was no matching sale as ginners appear to be in a mood to have a discussion on the future business outlook after the new political setup is in place, floor brokers said.But most of them welcomed the election results as people’s mandate is judiciously applied apparently on the perception that coalition or national government is the need of the hour, they added.

Economic and financial policies initiated and followed by both the Pakistan People’s Party and the PML-N during their previous mandate were investment-oriented, mostly tilted toward the private sector, some others said.

However, the future business outlook will be largely dependent on smooth transition of power and rigid positions taken by some of the leaders on some of the issues, notably restoration of suspended judges, they added.

They said normal trading in the ready section is expected to be resumed during the next couple of sessions as spinners will opt for fresh buying on the perception of future business outlook under the new political setup.

Official spot rates were, therefore, firmly held at the last level of Rs3,100 in the absence of any feedback from the ready section.

No deal was reported by any of the leading brokers to the Karachi Cotton Exchange on Tuesday for the consecutive sixth session.