ISLAMABAD - PAKISTANI lawmakers began voting Saturday in a presidential election that slain opposition leader Benazir Bhutto's widower is expected to win.

'Let's start polling,' chief election commissioner Qazi Mohammad Farooq told parliament as lawmakers started a secret ballot in which Asif Ali Zardari is the frontrunner.

Lawmakers from the country's two houses of parliament and four provincial assemblies are voting Saturday to elect a successor to Pervez Musharraf, who was forced to resign last month under threat of impeachment.

Investors hope the election by members of the two-chamber parliament and four provincial assemblies will bring some stability after months of political turmoil that helped drag stocks and the rupee sharply lower.

Whoever wins will have to contend with a host of problems that have raised fears for the prospects of the nuclear-armed US ally, including surging militant violence and an economy in crisis.

'Investors are hoping for political uncertainty to decrease with the presidential election,' Mr Sajid Bhanji, a dealer at brokers Arif Habib, said on Friday.

Mr Zardari, known as a polo-playing playboy in his younger days, was thrust to the centre of politics by his wife's assassination on Dec 27.

A February parliamentary election win by their Pakistan People's Party (PPP) took him to the centre of power.

His decision in August to begin impeachment proceedings against former president Pervez Musharraf led to the latter's resignation, and cleared the way for Mr Zardari to win the top job.

His two rivals for president are Saeeduzzaman Siddiqui, a former judge, nominated by ex-prime minister Nawaz Sharif's party, and Mushahid Hussain Sayed, a senior official of the party that backed Mr Musharraf and ruled under him.

Legislators will begin voting at 10 am (12pm Singapore time) and the result is expected after several hours.

The PPP has the most electoral college votes and despite some doubts about Mr Zardari's suitability, party members will stick by him, making victory virtually a foregone conclusion, analysts say.

Jail, Doubts
Mr Zardari, 53, spent 11 years in jail on corruption and other charges stemming from his time in government when his wife was prime minister in the 1990s. He was never convicted and said the charges were politically motivated.

But in an indication of the doubts Mr Zardari faces, a poll by Gallup Pakistan found only 26 per cent of about 2,000 people questioned thought he should be president, while 44 per cent didn't want any of the three candidates.

Political uncertainty, exacerbated by a split in the PPP-led coalition last month, together with security and economic worries have sapped investor confidence and dragged Pakistani stocks down 34 per cent this year.

The main index rose 1 per cent on Friday, helped by optimism the vote will bring some clarity. The rupee has lost 20 per cent to the dollar this year but firmed to 76.40/50.

Dwindling foreign reserves, a widening current account deficit and sliding rupee could result in a ratings downgrade as doubts mount over its ability to meet external debt obligations.

But it will probably avoid sovereign debt default as its stability is such an important geopolitical factor institutions such as the International Monetary Fund will eventually help it meet obligations, analysts say.

Mr Zardari is close to the United States and has repeatedly stressed Pakistan's commitment to the campaign against militancy.

But he will take office as anger with the United States is boiling after a bloody incursion by US ground troops into a remote village on the Afghan border this week.

Mr Musharraf saw his popularity dive partly because he was viewed as too close to President George W. Bush.

Mr Zardari will walk a tightrope as he tries to assure Washington of his support on security while trying to calm public anger. -- REUTERS