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Pakistani stocks plunge as PM vows to try Musharraf

Maverick Report

ISLAMABAD: The Pakistan prime minister has dropped what is being called the strongest hint to submit a written request to the top court of the country seeking trial of former military ruler General (Retd) Pervez Musharraf under Article 6 of the Constitution for treason.

Prime Minister Muhammad Nawaz Sharif speaking in the National Assembly in Islamabad on June 24, 2013.

The former president may face a possible death penalty or life imprisonment if convicted.

Addressing the National Assembly on Monday, Sharif said the former president had committed treason by abrogating the Constitution and he should be tried under the law. Moreover, he said, Musharraf would be tried for imposing a state of emergency in the country in 2007, also suspending the Constitution.

Prime Minister Muhammad Nawaz Sharif chairing meeting of the federal cabinet at the Prime Minister’s Secretariat in Islamabad on June 24, 2013.

Attorney General Munir A Malik submitted his response to the Supreme Court, stating that the procedure to try Musharraf under Article 6 of the Constitution has begun on Monday.

Leader of the Opposition in the National Assembly Syed Khursheed Shah welcomed the prime minister’s speech and said the pictures of all past dictators should be removed from the Parliament premises.

Prime Minister Muhammad Nawaz Sharif shaking hands with Leader of the Opposition in the National Assembly Syed Khursheed Shah in Islamabad on June 24, 2013.

The Supreme Court had earlier asked the government to clarify its position on the petitions urging the court to try the former dictator under Article 6 of the Constitution.

According to media reports, Balochistan Chief Minister Dr Abdul Malik Baloch also endorsed the federal government’s decision to try Musharraf for treason. Speaking to media representatives in Quetta after the Balochistan Assembly session on Monday, Dr Malik Baloch said Prime Minister Sharif deserved to be appreciated for announcing the trial of the former military ruler.

“Musharraf must be tried for violating the constitution,” he demanded. “Punishment to Musharraf will close the path of dictatorship once and for all. Musharraf’s arrest and punishment remained a longstanding demand of people of Balochistan. Musharraf ignited fire in Balochistan,” he added.

Stocks plummet

General (Retd) Pervez MusharrafPakistani stocks dipped sharply on Monday as Sharif told the Parliament of his cabinet’s plan to initiate a high treason case against Musharraf. “Musharraf will have to answer for his guilt before the court,” Sharif told the National Assembly.

News of the prospective trial jolted already nervous investors concerned about short-term political stability, and sent the Karachi Stock Exchange (KSE) benchmark share index plunging by three percent.

The KSE-100 index closed 650.27 points lower at 21,048.08, just slightly above the psychological level of 21,000 points. The index might have fallen more if the KSE had not suspended trading in major shares that had fallen five percent.

“Considering the enormity of the government decision, some investors feared the market could crash,” said securities analyst Khurram Shahzad of Arif Habib Group, according to media reports.

The KSE-30 index closed 506 points lower to close at 16332.14 points while the All-Shares index dropped by 431.66 points. Out of total 380 active scrips, 319 shed value.

4 comments

  1. The present leareds of PP are fools,incapable and coward characters, that they don’t know what to do and what to say.Almost all of its ministers including chieftain stupid PM are proving to be quite chracterless cowards in all respects.Leader of them is Mr.Zardari,who is doing business for him and every other country except Pakistan. Look at his statement The indian planes did’nt do that on purpose and it was a technical mistake I just want to ask him that he should better go to India and start their spokesman job,is he anything to do with Pakistan? and to proving himself to be the most incapable president after (resigned due to fear of impeachment)Musharraf.I am certain that for the future to come the PP party is buried,along with all of present learedship.I see no future of its coming back in Pakistani politics in the decades to come.Its all due to the most visionless,impotent, and characterless learedship.

  2. If your articles are always this helpful, “I’ll be back.”

  3. “l’objectif du communisme est un bel objectif”Il a été atteint : 100 millions de morts“Ce n’est pas parce qu’il y a eu le Goulag ou Staline que cet objectif doit définitivement être discrédité  ”Si, le communisme est une dictature. Partout où il s’est exercé, il a conduit à la dictature, au totalitarisme, à l’intolérance et aux massacres systématiques : Staline, Mao, Amin Dada, Pol Pot.       Â

  4. Thank God. Welcome back, GerryWe’ve been flooded with unrelated comments and abusive verbal attacks towards Japan. (There were a few against Korea, too, unfortunately. ) It looks like VANK urged Korean to vote for Korea. Sorry that we couldn’t handle them well. I’m glad you finally decided not to admit anymore anonymous. I’m getting really tired of hundreds of anonymous.

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