KARACHI, Aug 18 Not unexpected for few, but pleasantly surprising for many, the rather abrupt appearance of President (retd) General Pervez Musharraf on television screen on Monday high noon, to announce his resignation from presidency brought an end to political and economic uncertainty in the country.

An instant reaction was seen in stock exchange where the trading was brisk that pushed index by 461 points. In the currency market, rupee gained some luster as its parity with dollar was noted at Rs75.70 in open market and Rs75.60 in inter-bank.

The market and currency operators greeted Musharraf's resignation and infused some life in otherwise a dull stock exchange and brought dollars in the market. “Let's see if this trend continues in remaining week days,” an analyst of a major privatised bank

“It is a merely speculators' reaction,” a top business leader of the country remarked on brisk trading in stock exchange and improvement of rupee value in the currency market on Monday. He was asked to share his perception of emerging business scenario in the market following Musharraf's unceremonious departure from the presidency.

He conceded that times were tough and economic situation may worsen in coming days, not because of present government's handling or mishandling, but because of lack of preparation to absorb the volatility of global economy.

“We doubt if the present government has prepared any short and long-term economic contingency plan,” observed a textile tycoon, who has been meeting top political leadership of the ruling coalition for last four months said. As he explained political uncertainty did contribute to aggravating economic crisis but the real cause lies in structural weaknesses of national economy and volatility in global economy.

Top business leadership offered mixed reactions of hope and confidence as well as of fears and apprehensions on emerging business environment after Mushsrraf's resignation. But there is a consensus that the situation offers “both a challenge and opportunity to the coalition leadership,” Tariq Sayeed, leader of Saarc Chamber of Commerce and Industry said.

There may not be a consensus, but most of the business leaders are convinced that the days of army rule in Pakistan are over. “The worst scenario of political instability could be holding of one, two, three and even more general elections in next five years,'' Tariq Sayeed, observed.

“It is now a test of maturity of leadership of all coalition parties to stay together and collectively work out a strategy to put national economy back on path of progress and development,” he said while extending a firm assurance that business community will fully cooperate with the government in tackling this situation.

Tanveer Sheikh, president of the Federation of Pakistan Chambers of Commerce and Industry said the coalition government would be put to test in coming days on issue of restoration of sacked judges and election of president of the country.

But he acknowledged that business environment had certainly brightened up end of a political stalemate and “we should expect positive developments.”

Qazi Sajid, chief executive of a German multinational has full faith in the capacity and capability of the political leadership to address the prevailing tough economic situation and take hard decisions on many issues if it becomes necessary. He said that the multinational investors were expected to take a stock of the situation in coming days and may offer the government some blueprint for economic revival.

The Karachi business leadership—Siraj Kassim Teli and Zubair Motiwala—expect that end of uncertainty should serve as a catalyst for revival of economy. Rising inflation, growing unemployment, flight of capital can be effectively tackled by infusing a new life in productive sectors—agriculture and economy.

The two leaders have been invited with several others by PPP leadership on Friday (August 22) to a meeting of businessmen to discuss how fast the economy can be revived.

Ejaz Khokhar, a leading exporter of sports wear based in Sialkot expects that the government should control law and order situation in the country so that “we can invite our buyers to Pakistan”. “We lose a big business because of travel advisories of a number of countries”, he lamented.

Sheikh Manzar Alam of Korangi Trade and Industry Association appreciated Musharraf's decision that has ended uncertainty and provided the government an opportunity to improve the business environment in the country.

Many senior business leaders are refusing to become a part of the festivities being organised by the political activists because “hard economic realities stare us in face,'' said a former president of the FPCCI, who had tasted sweets that were distributed on ouster of late Ayub Khan, Yahya Khan, hanging of Bhutto, Zia ul Haq's death and removal of both Benazir and Nawaz Sharif.