Rain Plays Havoc for Businesses in Karachi

Business centers, traders and markets suffered heavy losses as around 90 percent of them could not open following heavy rain.

Goods and property of many businesses were damaged as rain water entered shops and warehouses.

“Losses would be in millions as water has been receded to shops” said a dealer on telephone. He added “we have received double jolt, rain water has entered the shops and goods would be damaged badly and before eid we always witnessed some buying from the consumers. Though the volume of buying remained low compared to eid ul fitar but still some people bought sandles, kurta shalwar or some other garments due to festivies.”

Atiq Mir, chairman All Karachi Tajir Ittehad said nearly 100 markets have been affected badly where losses to run into millions.  “Despite water in markets we lack attention from the government and not a single machinery has been arrived to pull out the water from the market lanes.”

Thin attendance was witnessed in many businesses that did open as people were unable to reach their destinations.

The Pakistan Stock Exhange witnessed low volumes with around 35 million shares traded.