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Low buyer turnout at

Akbari Mandi

RECORDER REPORT

LAHORE: Akbari Mandi depicted a deserted outlook and was in a state of uncertainty on Wednesday but prices stayed firm. Buyer turnout was limited.

In view of the rumours that the Ilaqa Magistrates had raided the godowns of a number of retail sugar dealers, there were not many transactions in sugar. The market was also affected by the two-day strike in Karachi.

Since the traders of the provincial metropolis have also given a two-day strike call for August 26 and 27, buyers stayed on the sidelines following the policy of "wait-and-see".

Sugar lost Rs 30 per bag in bulk trading which was due to lack of buyers as well as fear of raids by law enforcement agencies.

Amid rumours of early arrival of new crop of rice in the market, the wholesale dealers and hoarders have started dumping their stocks in the market bringing down Basmati and Kerhal Basmati rates by Rs 10 per maund.

The oil market was not operative because most of the oil business is controlled by the Karachi-based oil importers, and Karachi was paralysed following the strike call given by the MQM.

Kiryana, oil and pulses maintained their rates.