KARACHI, March 28: Stray business was witnessed on the cotton market on Monday as some of the ginners indulged in hasty selling to clear the backlog of inferior lots at the lower rates.

Analysts said mill ready off-take was expected to pick up during the next couple of sessions as the major demands of the textile and other export industries notably restoration zero-rate export facility and reduced rate of sales tax had been met.

The business in the major wholesale markets has been at a standstill since the presidential ordinance in the form of a mini-budget to raise Rs120 billion through various taxes both the local and export trade, they said.

Normalcy to the major city commodity markets is expected to return after the SRO on the agreed points between the finance minister and the top business reached in Islamabad meeting last week, they added.

Some of the deals in the central Punjab cotton were done as low as Rs11,000 per maund as ginners holding unsold lots of inferior type sell them at the higher rates at the fag-end of season were a bit disappointed in the backdrop of highly erratic
world prices sold them at the lower level, floor brokers said.

But on the other hand fine lots were sold at Rs12,400 per maund on cash and the new crop on credit around Rs13,000 amid relatively slow ready mill offtake, they said.

Official spot rates were, however, again held unchanged at the weekend level of Rs12,200 per maund for an average type of lint.

The following are some of the deals reported in the ready section by the Karachi Brokers Forum on Monday:

SINDH TYPE: 1,200 bales, Salehpat and 400 bales, Ghotki at Rs13,000 on credit.

PUNJAB VARIETY: 400 bales, each Burewala and Mian Chunian at Rs11,000, 200 bales, Fort Abbas at Rs12,000 and 604 bales, Hasilpur at Rs12,400.