Pakistani rivals step up presidential campaign
Thursday, 28 August 2008
ISLAMABAD, Aug 27 (Reuters): Pakistani rivals stepped up their campaign for next week's presidential election Wednesday as political uncertainty deepened by a split in the ruling coalition drove stocks lower.
Hopes for stability after Pervez Musharraf resigned as president last week were dashed when the alliance, headed by the party of slain former prime minister Benazir Bhutto, split over a judicial dispute and who will replace Musharraf.
The departure of the second biggest party, that of former prime minister Nawaz Sharif, ended what analysts said was an unnatural alliance between the two old rival parties and set the scene for a battle over the presidency.
Drawn out political uncertainty and militant violence have undermined the confidence of investors who hoped Musharraf's departure would let the government focus on economic and security problems. Pakistani stocks fell more than 4 percent to their lowest level in more than two years Wednesday.
The benchmark Karachi Stock Exchange index has fallen for six consecutive sessions after a two-day recovery following Musharraf's resignation.
As investors sold their stocks, the politicians were drumming up support for the September 6 presidential election in which members of the country's four provincial assemblies and two-chamber national parliament will vote.
Bhutto's Pakistan People's Party has nominated her widower and political successor, Asif Ali Zardari while Sharif's party has put forth a former Supreme Court judge, Saeeduzzaman Siddiqui, for the post.
The main pro-Musharraf party has nominated a former government minister and top party official, Mushahid Hussain Sayed.
No party has a simple majority of electoral college votes though analysts expect Zardari to be able to gather enough support to win.
Bhutto's party dismissed a news report published this week suggesting Zardari, who spent 11 years in prison on various charges but was never convicted, suffered from severe mental problems.
Party spokeswoman Farzana Raja said Zardari had been tortured while in prison and as a result had been under mental stress and had a heart problem.
Hopes for stability after Pervez Musharraf resigned as president last week were dashed when the alliance, headed by the party of slain former prime minister Benazir Bhutto, split over a judicial dispute and who will replace Musharraf.
The departure of the second biggest party, that of former prime minister Nawaz Sharif, ended what analysts said was an unnatural alliance between the two old rival parties and set the scene for a battle over the presidency.
Drawn out political uncertainty and militant violence have undermined the confidence of investors who hoped Musharraf's departure would let the government focus on economic and security problems. Pakistani stocks fell more than 4 percent to their lowest level in more than two years Wednesday.
The benchmark Karachi Stock Exchange index has fallen for six consecutive sessions after a two-day recovery following Musharraf's resignation.
As investors sold their stocks, the politicians were drumming up support for the September 6 presidential election in which members of the country's four provincial assemblies and two-chamber national parliament will vote.
Bhutto's Pakistan People's Party has nominated her widower and political successor, Asif Ali Zardari while Sharif's party has put forth a former Supreme Court judge, Saeeduzzaman Siddiqui, for the post.
The main pro-Musharraf party has nominated a former government minister and top party official, Mushahid Hussain Sayed.
No party has a simple majority of electoral college votes though analysts expect Zardari to be able to gather enough support to win.
Bhutto's party dismissed a news report published this week suggesting Zardari, who spent 11 years in prison on various charges but was never convicted, suffered from severe mental problems.
Party spokeswoman Farzana Raja said Zardari had been tortured while in prison and as a result had been under mental stress and had a heart problem.