Musharraf’s resignation celebrated by Karachi Stock Exchange - Value of Rupee up

2008-08-18 17:38:30 (GMT) (Caymanmama.com - Pakistan News News)

Karachi, Pakistan (CaymanMama.com) — The Karachi Stock Exchange reacted with a surge in trading activity upon the news of the resignation of President Pervaiz Musharraf which pushed the KSE-100 index to 10, 700 points registering a gain of 450 points. The rupee value also appreciated by Rs.1.40 against the US dollar.

Investors and member of the Karachi Stock Exchange welcomed the resignation by the President and said that Musharraf’s move will end the hostile political atmosphere bringing some stability to the business and political air of the country.

The members of the Karachi Stock Exchange expressed their views by saying that now the democratic institutions will get a chance to thrive and function properly.

The immediate response from the Karachi Stock Exchange and the business community is heartening, but it is yet to be seen what direction this political turmoil will take. The ruling coalition’s task now, after the President’s resignation will be to reinstate the judiciary, whether the co-chairman of the ruling Pakistan Peoples Party will stand by its commitment and reinstate the deposed judges or take a U turn as per the past precedents.

If the deposed judiciary is not reinstated within 3 days as per the last contract between the coalition partners, Pakistan will be set to face yet another political crises.