Under intense domestic and outside pressure, Pakistan President Pervez Musharraf [Images] on Wednesday seemed to suggest that he considered stepping down from the office, a statement that immediately created a flutter in political circles and stock markets.

The remarks he made in an interview to British TV channel Sky News were carried by some Pakistani channels and on the Internet, which caused stocks to plummet at the Karachi exchange.

Presidential spokesman Major General (Retired) Rashid Quereshi immediately denied the report.

In reply to a question, the military ruler first said he would like to quit if there was a way that "my going will ensure balance and stability in Pakistan. That is the best time that I would like to quit, okay? And I am seeing that I am looking at that."

The general reportedly added, "So we must have elections. I must handle the uniform issue. I cannot be a President in uniform. Now, the choice after that is whether I should stay at all. That option is available to me."

When asked if he had considered resigning from his position, Musharraf retorted, "Well, I think of everything when I sit."

When the interviewer asked the president if he had considered the possibility recently, Musharraf said, "I think of every option and I discuss every option."