In yet another conciliatory measure towards the rebellious opposition party of Pakistan Muslim League-Nawaz (PMLN), the more than one-month-long federal rule in the eastern province of Punjab has been lifted.

Following President Asif Ali Zardari's order to this effect, the governor summoned the provincial parliament on Wednesday to elect the leader of the house.

The lifting of presidential rule in Punjab will restore the provincial parliament and a government headed by PMLN, which was ruling the province until February 25, when Zardari dismissed it.

An official notification lifting the federal rule said the grounds on which it was imposed have ceased to exist.

The development, which is expected to help improve political stability in Pakistan, stimulated stock markets by around three per cent in the country Monday.

The Punjab government, headed by chief minister Shahbaz Sharif, was dismissed following a controversial court ruling that barred him and his brother and party chief Nawaz Sharif from elected office.

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