Dr Abdul Hafeez Sheikh sworn in as the Federal Minister for Finance & Revenue last year under a special provision of the constitution and winning Senate elections was mandatory for him to remain in the office but he could not succeed.
According to a ruling of the Supreme Court (SC), Abdul Hafeez Shaikh could only serve as a finance minister for a term between three and six months.
In the 48-seat Senate election conducted on Wednesday, the ruling party emerged as the largest party with a total of 26 seats.
However, the general seat of Islamabad was lost by the finance minister. Gillani bagged the victory with 169 votes while his rival Abdul Hafeez Shaikh secured 164 votes.
According to AKD Securities, the defeat of Hafeez Shaikh in the Senate elections has created a storm in the cup of tea.
Shaikh was a reliable representative for International Monetary Fund (IMF) in terms of his policies.
After this defeat, the question exists if IMF would continue its program with Pakistan that was started during his term. In reply, the firm stated that the fund would continue its program until all assigned targets were met.
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Although the defeat of the finance minister may impact the stock market but won’t last long as the political system remained unchanged.
However, the market has been in a bearish mood since the beginning of the fourth day of the business week.