According to residents of the area, two people came on motorcycles and were carrying petrol with them. They pulled the banners and flags off before setting them on fire after sprinkling petrol on them.
The fire was small enough to be immediately taken under control, and no other loss was reported.
The police is trying to find the people involved in the act.
The president is currently in Lahore from where he is expected to leave for Indian city Ajmer on a personal visit. The president, since the past few days, has been giving out harsh statements against Pakistan Muslim League - Nawaz (PML-N), a party currently in power in Punjab.
The PML-N has also been running a campaign against Zardari titled 'Go Zardari Go' demanding him to step down from his position.
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