Rumors, Sensationalism, and the Stock Market

Amid mixed signals coming from the coalition government in Islamabad, the Pakistan Army and the President’s office regarding President Pervez Musharraf’s plan to ‘call it a day’, Pakistani stocks have suffered a hard blow as they plunged to their lowest in almost 14 months.

The forbes website had this report to share on its website:

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

Owing to the hyped news about a possible resignation by the president in the next 48 hours, coupled with an air of uncertainty over the future of Pakistan’s fragile economy in the hands of a government already swamped with internal problems, investors were having ‘jitters’ according the Forbes report.

The Pakistan Army and the President’s office spokesperson were quick to dismiss this news as ‘nonsense’ and ‘baseless’ stating that there were no such plans under consideration. However, there has been a lot of buzz about the meeting between Army Chief Gen Kiyani and the President last night that went on till after midnight.

What was it about?

What was discussed?

Was the President given any options or timelines?

Or was the chief just dropping by to check on the Army House he is to occupy as soon as President Musharraf vacates it?  

Although the ISPR has termed this meeting to be a ‘routine matter’, there is certainly something in the air to raise our eye-brows about. We could very well be shooting blanks about this whole scenario but one can’t deny that the change in the command of the 111 Brigade, responsible for the security of the President, the capital and its adjoining city of Rawalpindi at such a crucial and tender point in time makes one think that ‘where there is smoke, there must be fire’! ISPR said Brigadier Aasim Salim Bajwa’s (commander 111 Brigade) relocation to the United States for a professional course is nothing abrupt and was scheduled for quite some time.

Adding fuel to the rumor was Nawaz Sharif’s address last night at Aiwan-e-Iqbal on the occasion that marked 10 years of Pakistan becoming a nulcear power and the first Islamic state to do so. Sharif’s speech centralized on Musharraf and Musharraf only as he slammed down the recent demands by some to give the President ‘safe passage’.

…’this man’ was a lair who backed out of all commitments he had made. He did not quit when the people gave a verdict against him in the elections, and earlier he did not honour his commitment of taking off his military uniform by the end of December 2004.

It is not a hidden fact that Nawaz and Musharraf do not see eye to eye. The heights of hatred they have for each other has been witnessed on various occasions esp when Nawaz Sharif made a failed attempt to come back to Pakistan last year and was sent away from the Islamabad airport and so forth. But politicians and dictators alike should weigh their words and personal grudges when in public. There is an entire nation that hangs on their every word.  

Personally, the President had several ‘ideal’ chances in the recent past to step down and hand over the reigns to a suitable candidate. The most recent one being the general elections. It was expected by a majority of Pakistanis and several nations around the world that perhaps Musharraf would step down after one of the most successful elections held in the country for decades. That announcement never came. The President stayed on for reasons known only to him or his closest circle. Now the people want him out. Out of the President’s chair, out of the Army House, and perhaps out of Pakistan (if he is that lucky).

One can only hope for a stable and progressive Pakistan in times to come…

The circus continues ladies and gentlemen.