Though the government had observed mourning for three days, people still seem in a state of grief and least interested in celebrating Eid-ul-Fitr in usual way.
Traditionally, soon after the middle of Ramazan people used to send Eid greeting cards to their near and dear ones. Apart from government agencies, the corporate sector entities also spent huge amounts on Eid greeting cards.
According to market sources, people are not interested in buying Eid cards due to which the traders/stockists dealing in the business of Eid cards may face financial losses. In this connection those wholesale traders are most worried who have sold their stocks on credit basis to retailers particularly of Azad Kashmir and NWFP. Their creditors either have been killed or have lost everything and thus are unable to pay a single penny to the wholesalers, market sources added.
It is very difficult to ascertain the exact figure of likely losses due to credit because businessmen are reluctant to disclose the volume and value of trade on credit basis. But market sources confirm that retailers from Azad Kashmir and NWFP generally purchase goods on credit from wholesale markets of the city.
The wholesalers of paper market, Urdu Bazar, Shah Alam Market, Azam Cloth Market and Jewellery and Sarrafa Market are among those who face financial losses due to sale on credit to businessmen of Azad Kashmir and NWFP.
A trader who deals in paper and card told Business Recorder that he had a good number of clientele in Azad Kashmir who purchase various paper products worth hundreds of thousands of rupees and clear outstanding amounts in two-three instalments prior to picking next consignment.
He said that printing business of Eid cards is mainly done in Karachi wherefrom it is supplied to the stockists of Lahore well before the commencement of Ramazan.
It is pertinent to mention that traders dealing in wholesale business in the local markets also make purchases on credit basis from Karachi.