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Friday, May 23, 2008

Khuda Khair Karay

The KSE 100 index has fallen below 13000 to a eight month low. There are rumours of three members who may default. The contributing factors have been:

* The Rabbani government's inability to provide economic leadership
* SBP's unprecedented pre market opening rate hike
* Co chairman of the hand written will's egotistical and hard hitting interview taking swipes at Musharraf
* Musharraf has reportedly broken off conciliatory 'contacts' with PPP leadership and called in a meeting of constitutional experts
* Moody's lowering of ratings for four leading banks
* Law Minister Naik's expected constitutional amendment while admitting he and his allies do not have a two-thirds majority to carryit through in both houses
* Ishaq Dar's rants in the media is pushing away foreign investors

A combination of above will result in uncertain and turbulent economic climate. With shortages of electricity, essential commodities, oil, flight of capital and lack of vision in leadership indicates tough times.

The poor and the middle case will be the worse off. Nor do affairs, in the near future look rosy for the nascent democratic forces. Despite his public loathing, Kayani and Co. is being inadvertently pushed to be more proactive.

When will this chaos end?


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