Uncertainty and Stock Crisis

Ibrat
THE Karachi Stock Exchange witnessed the benchmark KSE-100 index once more losing more than 500 points on Thursday when rumours about President Musharraf’s resignation were at their peak. The country remained in the grip of rumours until … the president himself contradicted them. The plunging of stocks … was due to political uncertainty.

Under the previous regime, the stock exchange had witnessed an artificial crash when some circles earned millions of rupees. Why was no protest staged against Shaukat Aziz? There are many dimensions of the recent stock market crisis. These factors include the worldwide slump in the stock markets, a decrease in remittances by overseas Pakistanis, the illegal business of money changers and weaking of the dollar.

If all these are seen in the context of the current political situation one can easily understand why the stock market plunged. — (May 30)

Bringing LGs under provinces

Khabroon

THE constitutional package is ready to be presented before the National Assembly….The law minister, Farooq Naek, has said that the local government system would be handed over to the provinces and this would also be made part of the constitutional package.

Along with the two major parties, the ANP is also in power. These parties have to work for the prosperity of the country and fulfil the promises made…during the poll campaign.

[F]ollowing the formation of an elected government in Sindh, the government initiated action against some district nazims which led to some political conflicts. The government should be careful while taking such an action. Bringing the local government system under provincial authority would be a positive step as the provinces would be in a better position to monitor their performance and service delivery to the masses…. — (June 1)

Selected and translated by Sohail Sangi

Dawn