Pakistani President Musharraf may impose emergency rule

Pakistan's President Gen Pervez Musharraf called off his planned visit to Afghanistan on the eve of his scheduled travel to address the much-awaited Pakistan-Afghanistan Joint Peace Jirga in Kabul.

He telephoned Afghan President Hamid Karzai and told him that because of his 'engagement' in the capital he could not personally attend the jirga and that Prime Minister Shaukat Aziz would lead the Pakistan delegation, a statement issued by the Foreign Office said on Wednesday.

"The president assured the Afghan president of Pakistan's full support in making the Joint Peace Jirga a success," the statement said. President Karzai thanked the president for his, reports Pakistan Dawn.

Officials in Islamabad said at first that Musharraf could not attend because of other "engagements" at home. But rumors grew that the president had met with senior advisers to discuss the pros and cons of imposing a state of emergency. Late Wednesday, Tariq Azim, minister of state for information, told Pakistan 's GEO television that the idea remained a possibility, informs Washington Post.

According to Bloomberg , Pakistan 's stocks fell the most in over a year after television reports that the president plans to impose emergency rule because of deteriorating security in the South Asian nation.

The benchmark Karachi Stock Exchange 100 index fell 523.62 or 3.9 percent to 13,040.93 at 10:26 a.m. Oil & Gas Development Co., Ltd. the biggest fuel explorer fell 3.10 rupees or 2.6 percent to 117.45 rupees.

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