The fresh wave of violence plunged trade and business activities nearly 70 percent on Saturday, as fears of hooliganism gripped the city, barring buyers from visiting markets, traders said. "Panic of widespread violence is primarily responsible for the customers' resistance after two key incidents hit Karachi on Saturday morning- the lawyers' killings and assault on Muhajir Qaumi Movement's (MQM) Chief, Afaq Ahmed," they said.
They said sales at markets had been at nominal scale for the last few months, but the fresh round of violence beginning from Lyari operation with incidents of target-killings of lawyers and gun firing at Afaq Ahmed reduced the business activities. President of Old City Traders Alliance (OCTA), Jamil Paracha said the trade and business activities at wholesales markets had been sluggish because of the extortion in the area, saying the uncertain law and order continued to inflict at Rs 1.5 billion loss on traders per day.
"Karachi is the economic hub of Pakistan, which is sinking gradually and if the government did not make efforts to stem the violence, the country will face huge financial loss," he said, adding that the government had to give a "special" priority to the Karachi's peace and trade.
He however lauded the Sindh Police efforts of arresting a gang of nine extortionists who were responsible for the violence and disturbance in the old city areas of the metropolis, hoping situation in trade centres was expected to improve with the arrests of outlaws. President All Pakistan Organisation of Small Traders and Cottage Industry, Karachi chapter, Mehmood Hamid said the business activities had reached the lowest level of the season for violence continued in short spells in the city.
He said traders were already suffering at the hands of extortionists and facing abduction and violence while the sporadic vandalism had also affected customers especially from rural Sindh and Balochistan to make buying of wholesale items. "When there is violence in the city, it affects both the local buyers and those coming from remote parts of the country to buy products," he said, adding that the present situation of law and order had been the worst in the decade. He said extortionism and killings were the key factors, which badly hit trade and business activities.
He said violence was not only hindering buyers to attend the markets but also panicking traders, saying the cost of business with fuel and power prices increase had reached the highest mark, which compelled the businessmen to downsize their setups and lay off employees. "As a result, unemployment would increase," he added.