Pakistan's economic faith

13 November 2007 By Una Galani Follow @ugalani

The Karachi100 share index has barely budged in the ten days since President General Musharraf hijacked the judiciary and imposed a state of emergency. Investors believe that Pakistan won t stray from its probusiness path, whatever comes next.

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Pakistan's Karachi benchmark 100share index has fallen 2% since President General Perez Musharraf sacked the country's chief justice and declared a state of emergency.

The Supreme Court had been due to rule within days on the legality of Musharraf's October reelection to a serve a fresh five year term. Musharraf, who took over in a power coup in 1999, has retained his position as head of the army. The country's constitution states that military officers cannot run for elected office.

As part of the emergency, Benazir Bhutto, former Prime Minister and leader of the opposition Pakistan's Peoples Party, has been placed under house arrest after threatening to stage a longmarch from Lahore to the Islamabad and is now demanding Musharraf's resignation. Meanwhile, the army is reported to have arrested thousands of political activists and members of the judiciary.

The Commonwealth has given Pakistan until November 22 to lift the emergency or face suspension from the 53 nation grouping. President Bush welcomed Pakistan authorities pledge to hold elections before the legal January 15 deadline and promise to resign as army chief, but called for the emergency to be lifted first.

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