Karachi’s Eid shopping season has fallen short of expectations, according to Atiq Mir, Chairman of the Karachi Traders Union. In a statement, he revealed that this year’s Eid shopping spree was a dismal 40% lower than last year’s sales. Mir attributed the decline to the ongoing economic crisis, citing that 70% of the stock stored in warehouses for Eid sales failed to sell, with traders managing to sell only PKR 10 billion worth of goods. The chairman emphasized that the rising inflation has made it difficult for people to afford basic necessities and celebrate Eid.
The global market witnessed a surge in gold prices, reaching $4,413 per ounce after a 163-dollar increase. The Karachi Stock Exchange’s 100 Index closed at 1,52,740 points last week, indicating a decline in investor confidence. In related news, three oil tankers are expected to arrive in Pakistan from Kuwait, while the All Pakistan Sarrafh Jameat and Jewelers Association reported a 43,600-rupee drop in the price of gold to PKR 4,47,762 per tola.
The ongoing conflict has severely impacted air traffic in the region, with flight disruptions and increased security measures affecting businesses and trade. The global market saw a slight decrease in gold prices, reaching $4,686 per ounce after an 81-dollar drop. The Pakistan Stock Exchange’s weekly update revealed a decline in investor confidence, with the 100 Index closing at 1,54,292 points last week.
The conflict has also raised concerns about a new wave of inflation globally, particularly in regions heavily reliant on imports. The global market has witnessed a surge in oil prices, with the price of gold reaching $4,767 per ounce after a 243-dollar decrease. The international trade of urea, a key fertilizer, has been disrupted, with Iran’s largest gas field, South Pars, being hit by Israeli airstrikes, further exacerbating the situation.
In related news, the United Arab Emirates has condemned Iran’s aggression, labeling it a “high-risk escalation” in the region. According to reports, the US military is preparing to withdraw from Baghdad’s Victoria military base. Meanwhile, US President Donald Trump has shared a statement from Prime Minister Shehbaz Sharif on his social media account, highlighting the need for peace in the region.
The UAE has also stated that they are working with the US to reduce tensions and prevent further escalation, while Trump emphasized that the US is engaging with “the right people” in Iran to negotiate a deal. However, Rabbi Jacob Shapiro, a prominent Jewish scholar, has disputed Netanyahu’s representation of the Jewish people, citing his divisive policies and actions.
As the situation continues to unfold, businesses and traders in Pakistan are bracing for the economic impact of the conflict, with many predicting a prolonged period of uncertainty and increased inflation.
