There's mood of pessimism in world about economic prospects

SHAFI AHMAD SYED

KARACHI: Almost all countries are trying to optimistically gauge of developments that ruled pre-crisis trend-lent pessimism hovered around be a search in New York, London, Toronto, Athens, Hong Kong, world renowned people expressed on lines of Geithner warned that countries faced a broad based threat looming. Against this Pakistan as is being indicated has surplus food and growth rate is being projected at achievable 4.3pc authorities do, however, admit attention should have been paid to generate power and gas which have been hurting exports resultantly adding trade deficit a highly unwanted snags. The snag also continue in the shape of relentless violence, target remains Pak business hub Karachi.

However, dealers said some buying was marked in grain market on the opening day when wheat old and new bardan posted fresh gain of Rs 10 to Rs 2625 and Rs 2665. Cottonseed oilcakes with bag in Sindh low type was unchanged at Rs 600 while the other type shown setback of Rs 50 to Rs 700, traders in depressed mood reported.

On Jodia Bazar also some movement was marked where Kalongee (per 40kg) ended down by Rs 200 to Rs 7000, dry ginger from China shed Rs 300 to Rs 12,500, Long Pepper lost Rs 500 to Rs 44,000, cumminseed rose by Rs 200 to Rs 10,500 and darchini gained Rs 100 to Rs 6700.

On Tuesday traders gave out fluctuations in commodities retailers were interested. Among several changes grams Australia No I lost Rs 200 to Rs 7500 and Rs 7900, gram dal No I Australia lost Rs 200 to Rs 9300 and Rs 9700, grams 50x50 dropped Rs 400 to Rs 8000 and Rs 8400, yellow peas Ukraine rose by Rs 100 to Rs 4300 and Rs 4500, yellow peas Russia low type fell by Rs 50 to Rs 4200, the other type lost Rs 450 to Rs 4400 and yellow peas dal Russia shed Rs 100 to Rs 4800 and Rs 5000. Rice Irri-9 Sindh low variety unchanged was marked at Rs 5400 while the better type rose by Rs 100 to Rs 5600, Irri-6 Sindh shed Rs 25 to Rs 3400 and Rs 3500,. Til low type was put at Rs 3600, while the other variety rose by Rs 200 to Rs 4200, cottonseed oilcakes with bag Sindh low type shed Rs 100 to Rs 500 the other quality rose by same amount to Rs 800.

The markets were hoping on Wednesday to open as a rally was announced to remain peaceful which however turned violent and markets shutters came down.

On Thursday world trend was familiar to Pakistan largely a bit  higher prices in slow movement in America was slow but depicted firmness radiating hope. Europe still struggling and hope to have a grip over problems despite Euro Woes. Edible oil is keeping mixed, with optimistic touch for the needy buyers.

In Karachi small going was reported on the wholesale grain markets where prices looked generally fleecing retailers. However, moong Australia rose by Rs 200 to Rs 7700, wheat old bardan and wheat new bardan lower by Rs 5 to Rs 2620 and Rs 2660. Gur low variety lost Rs 200 to Rs 4400, while the better type was put at Rs 5500. Super Basmati Sindh low type was marked unchanged at Rs 7300 while the better type rose by Rs 100 to Rs 7500.

On Jodia Bazar raw rubber from Ceylon (per lb) RSSV rose by Rs 2 to Rs 170 and Pak Crape TPC 3 rose by Rs 70 to Rs 175. Latex Merrytex (28 kg) quoted at Rs 1,130 and Thai GT quoted at Rs 1130 .

On Friday no change in rates was reported as almost all the participants were busy in preparations for Juma prayers.

On Jodia Bazar chemical items ended mixed. The changes were :CHEMICAL ITEMS (Per kg): Causta soda flakes Saudi was quoted at Rs 70, formic acid Germany went up by Rs 2 to Rs 138, oxalic acid China edged higher by Re 1 to Rs 126, citric acid China finished down by Rs 15 to Rs 101, sulphonic acid soft moved upward by Rs 4 to Rs 160, sulphonnic acid HARD edged lower by Rs 10 to Rs 180, DDBSA closed lower by Rs 5 to Rs 175, PVA Japan ended down by Rs 6 to Rs 264, and caustic Taiwan closed lower by Re 1 to Rs 70.

On Saturday as a result of improvement in supply the grams prices drifted lower. Yellow peas Canada shed Rs 100 to Rs 4400-4600, yellow peas dal Canada followed same pattern, losing same amount to Rs 4900-5100, yellow peas Ukraine dropped Rs 150 to Rs 4150 and Rs 4350, yellow peas dal Ukraine also dropped the same amount to Rs 4650-4850, yellow peas Russia, gained Rs 50 to Rs 4250-4450, gram 50x50 rose by Rs 200 to Rs 8200-8600 and yellow peas dal Russia was down by Rs 50 to Rs 4750-4950. Wheat old Bardan and wheat new Bardan fell by Rs 15 to Rs 2605-2645, other items maintained overnight levels due to lack of buying interest. Cottonseed oilcake with bag Sindh low type was higher to Rs 600 while the better type was inert at Rs 800. On the rice sector prices showed no change.