Abstract – AOCRJ-V2I2P4

Comparison between Kuwait and Pakistan Stock Exchange Market:
Testing Weak Form of Efficient Market

Khurram Sultan
Cihan University Erbil Kurdistan,Region, Iraq
Dr. Nasrat A. Madah
Cihan University Erbil Kurdistan,Region, Iraq
Ali Khalid
University of Central Punjab, Pakistan

Abstract:
This empirical research is undertaken to check out the weak form of efficient markets, Karachi Stock Exchange (Pakistan) Vs Kuwati Stock Exchange. Daily based observations were taken from 1st January 2005 to 30th December 2010. With the help of Augmented Dickey Fuller test (ADF) and Autocorrelation, null hypothesis was accepted. Descriptive statistics were used to identify whether yearly return are normally distributed or not. Results revealed that In 2005, 2006 and 2010 return was normally distributed whilst remaining three years showed a non-normally distributed returns, displaying a skeweness negative value of these years. We conclude that the stock markets of both countries are weak and inefficient. By using this research investors can earn excessive returns based on
historical database.

Key words: Market efficiency, Autocorrelation, Comparison, Existence, Pakistan KSE, Kuwait KSE.

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