Analysts expect the election, originally scheduled for January 8, to be postponed to late February but also believe the delay could lead to a new wave of violence.

The Pakistan Muslim League, which backs Musharraf, has said it favours postponing the vote due to security concerns.

Meanwhile, supporters of Bhutto's Pakistan People's Party (PPP) and the main opposition party, led by former prime minister Nawaz Sharif, want the January 8 election to proceed as planned.

Bhutto's widower, Asif Ali Zardari, the new co-leader of the PPP alongside their 19-year-old son Bilawal, released a joint statement on January 1 regarding the scheduled elections.

"This will not only be a tribute to the memory of Benazir Bhutto, but even more important, a reaffirmation of the cause of democracy for which she died."

They rejected an announcement from the Election Commission, which has said that "in principle" the election is being delayed with a new date to be announced.

The situation in Pakistan has now calmed down after nearly 60 people died in the post-assassination violence. On January 1, share prices on the stock exchange fell by three percent.