Sales slow at Pakistan Eid holiday market

Traders feed goats at a cattle market set up for the upcoming Muslim festival Eid Al-Adha also called "Festival of the Sacrifice", in Rawalpindi, Pakistan on July 20, 2020. (AFP/File)
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Updated 08 July 2022
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Sales slow at Pakistan Eid holiday market

  • Farmers spend time cleaning, grooming animals in the hope of attracting customers
  • Pakistan's economy is in the doldrums, with rampant inflation affecting everything

RAWALPINDI: Business was quieter than usual at one of Pakistan's biggest livestock markets Friday as an economic crunch stopped customers from splashing out on cows, sheep and goats for the Muslim Eid Al-Adha holiday. 

Farmers have been camped at the I-15 cattle market between Islamabad and Rawalpindi for two weeks, hoping to sell their stock ahead of the holiday, which starts Monday, but buyers are scarce. 

Pakistan's economy is in the doldrums, with rampant inflation affecting everything -- including holiday spending. 

Muhammad Mumtaz, who brought 50 animals to market, still had 30 left to sell. 

"Inflation is so high that customers do not have the purchasing power," he told AFP as he sat on a wooden bed. 

"We can't sell them cheaply," he added. 

"Feed is expensive, wheat is expensive, the truck fare has doubled... so there is nothing left for us." 

Like Muslims elsewhere in the world, Pakistanis usually buy an animal for slaughter over Eid Al-Adha, keeping a third for themselves, a third for friends and relatives, and a third for charity. 

Muslims say it commemorates the readiness of Prophet Ibrahim (Peace Be Upon Him) -- Abraham in the Christian and Jewish faiths -- to sacrifice his son to show obedience to Allah. 

"Prices are very high," Khurram Taseer, a bank employee, told AFP after splashing out 140,000 rupees (around $700) for a bullock. 

He said his extended family usually bought two cows for the holiday, but this year had cut down to one. 

The market is divided into sections according to the type of animal, with bulls selling for 100,000 to 700,000 rupees, while goats and sheep fetch between 40,000 and 100,000. 

The farmers spend time cleaning and grooming the animals, festooning them with floral garlands in the hope of attracting customers. 

Still, many would-be buyers left empty-handed. 

"Most people are not sacrificing animals because of the prices," said farmer Mulazim Hussain. 


Pakistan stock market crosses record 174,000 points during intraday trading

Updated 29 December 2025
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Pakistan stock market crosses record 174,000 points during intraday trading

  • Pakistan Finance Adviser Khurram Schehzad says stock market’s equity investor base has increased by over 120,000 in last 18 months
  • Official says stock market’s record levels reflect growing investor confidence supported by continued macro stability and key reforms

ISLAMABAD: The Pakistan Stock Exchange (PSX) crossed a record 174,000 points on Monday, Finance Adviser Khurram Schehzad said, marking a strong start to the business week. 

According to the data available on the PSX’s official website, the KSE-100 benchmark reported 174,411.72 points during the intraday trading on Monday morning. 

“Another milestone for Pakistan’s equity market,” Schehzad wrote on social media platform X. “The KSE-100 Index has crossed 174,400 points, marking yet another record high.”

Pointing out the stock market’s achievements this year, Schehzad said the PSX has delivered 50 percent plus returns in US dollar terms to investors since January this year, “making it one of the best markets in Asia.”

He noted that investors’ participation in the PSX is rising fast, adding that the equity investor base has increased by over 120,000 to cross the 450,000 figure in the last 18 months, marking a 37 percent increase. 

“These record levels reflect growing investor confidence, supported by continued macro stability, key reforms, and improving prospects for more sustainable, higher future growth,” he said. 

Pakistan’s stocks have surged in recent years, marking a strong performance this year as Islamabad moves to consolidate its financial recovery after years of economic turbulence, which saw it on the verge of a sovereign default in June 2023. 

Pakistan’s foreign exchange reserves have surged past the $21 billion mark, as per the central bank’s latest data. 

In recent years, the South Asian country has also implemented tough structural reforms under the International Monetary Fund (IMF) loan programs, aimed at reducing fiscal deficits and restoring investor confidence.