Musharraf's resignation turns Pak stock market bullish, pushes rupee value up

Karachi, Aug.18 : Pakistan President Pervez Musharraf's announcement on Monday that he was resigning from his office, has strengthened the country's currency and turned the stock market bullish.

According to The News, the Pakistani rupee witnessed an improvement of Rs.1.40 against the dollar, while the Karachi Stock Exchange benchmark KSE-100 crossed the 10,700 level. The major Index registered a gain of more than 450 points.

KSE members welcomed the resignation by the President, saying the step would put to an end the ongoing confrontation in the country.

Senior members of KSE including Siddique Dalal, Aqeel Karim Dhedhi, former president of Karachi Chamber of Commerce and Industry, Siraj Kasem Teli, former president of Federation of Pakistan Chamber of Commerce and Industry, Tariq Saeed told Geo News that Musharraf's quitting would remove the prevailing political uncertainties in the country.

They said they expected democratic institutions in the country to be strengthened further and added that the government would now be able to function more effectively.

ANI