KARACHI: Steps taken by Karachi Wholesale Grocers Association (KWGA) against speculative market practices have helped stabilize prices of commodities, KWGA chairman said on Friday.
"Merchants from all over the country are with us for the elimination of seller option and buyer option and are ready to cooperate in any way," KWGA chairman Rauf Ibrahim said.
The association's move helped bring down prices of a number of commodities, including sugar, pulses, gram and others, he said.
Measures had been taken by the Karachi Grocers Association against speculators and profiteers in Jodia Bazar, the largest commodity market in Pakistan, and price of sugar, pulses, gram and other commodities had started declining, he said.
Price of commodities became unstable in the wake of the practice of trading of edibles on a social media platform not on the market itself, he said. This situation pushed price of commodities up, he said.
Rauf Ibrahim said his association decided to crack down on speculative practices in the market and took all the commodity traders in Jodia Bazaar into confidence. He said that the KWGA initiative was appreciated by the wholesale markets. "Traders have responded to our call for which I am grateful to the business community across the country, especially to the leaders of the Pulses Association of Hyderabad and Punjab," he said.
Copyright Business Recorder, 2021
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