Musharraf Resignation Rumors, Economic Woes
Tags: Asif Zardari, Constitutional, General Musharraf, Gilani, Judges, Musharraf, Nawaz Sharif, Pakistan, Pervez Musharraf, President Musharraf, President Pervez Musharraf, Restoration, Syed Yousaf Raza Gilani, Yousaf Raza Gilani
The Associated Press
May 29, 2008
KARACHI, Pakistan: Pakistani stocks have fallen to their lowest level in almost 14 months as swirling talk that President Pervez Musharraf will resign adds to concern about the country’s economy.
Thursday morning, the Karachi Stock Exchange’s 100-share index fell 4.2 percent to 11,742.83. The index hasn’t touched that level since early April, 2007.
The plunge followed a report in a Pakistani newspaper — quickly denied by Musharraf’s spokesman — that the president has decided to quit.
Atif Malik, head of research at JA Global Securities, said, “The political uncertainty and the media assertions about the President’s resignation gave investors the jitters.”
The benchmark index has lost about 25 percent from a record high in April.
