How The Karachi Stock Exchange Kse Can Be Improved
Download How The Karachi Stock Exchange Kse Can Be Improved full books in PDF, epub, and Kindle. Read online free How The Karachi Stock Exchange Kse Can Be Improved ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
| Author | : Mansoor Ali Shah |
| Publisher | : LAP Lambert Academic Publishing |
| Total Pages | : 72 |
| Release | : 2010-06 |
| Genre | : |
| ISBN | : 9783838370422 |
Since last two decades the Karachi Stock Exchange (KSE) is progressing very well and has created international recognition in stock trading business. This progress is the result of reformations applied by the Security Commission of Pakistan, with the help of the Government of Pakistan. But still in comparison with developed stock exchanges of the world, KSE is far behind in terms of infrastructure and use of technology for trading. KSE needs a lot of improvement to reach at the level of developed stock markets of the world. This is a comparative study in which the Karachi Stock Exchange (KSE) is compared with two world s leading stock markets, the London Stock Exchange (LSE) and the OMX Nordic Exchange Stockholm (OMXS) to identify needed changes in KSE to convert it into one of the leading stock exchanges in the region as well as in the world.
| Author | : Ushna Akber |
| Publisher | : |
| Total Pages | : 43 |
| Release | : 2013 |
| Genre | : |
| ISBN | : |
In this study, we have attempted to seek evidence for weak-form of market efficiency for KSE 100 Index because over the last five years KSE 100 Index has shown substantial growth as compared to other emerging stock markets. Index returns have been studied from 1st January, 1992 to 30th April, 2013. For further analysis, return series has been divided into sub-periods. The paper has made use of primarily Non-Parametric tests as well as parametric tests. For further analysis, Runs test has also been run on 20 companies return series for comparison purpose with the results of index return series. In addition, from KSE 30 Index, 20 companies return series based on the free-float of shares have also been analyzed through Runs test to check if increase in numbers of floating shares does increase the randomness in return series or not. To our knowledge, this paper is the first one on KSE 100 Index to study the overall time frame of return series of KSE 100 Index of 22 years with the several random walk and weak-form efficiency tests to ensure the consistency of results; and to compare the results of runs test of index return series with the results of runs test on companies return series from KSE 100 and KSE 30 Indexes. Overall KSE 100 Index has been found to be weak-form inefficient, but unlike other studies, our study illustrates how the last 4 years have shown some signs of efficiency. Companies return series from KSE 30 Index are found to be more random than companies return series from KSE100 Index.
| Author | : qurat-ul-ain |
| Publisher | : |
| Total Pages | : 136 |
| Release | : 2010-10 |
| Genre | : |
| ISBN | : 9783843357449 |
| Author | : Matthew McCartney |
| Publisher | : Routledge |
| Total Pages | : 264 |
| Release | : 2011-06-07 |
| Genre | : Business & Economics |
| ISBN | : 1136709460 |
This book provides a comprehensive reassessment of the development of the economy of Pakistan from independence to the present. It argues that the factors which bring about economic development in countries with high levels of deprivation are best understood by considering changing overall approaches where shifts in approaches do not always co-incide with changes in political regimes.
| Author | : Abdullah Ejaz |
| Publisher | : |
| Total Pages | : 12 |
| Release | : 2015 |
| Genre | : |
| ISBN | : |
The objective of this paper is to examine the impacts and profitability in great detail of sub-variants of price momentum strategies on Karachi Stock Exchange (KSE) which is an emerging stock market. The sub-variants are price momentum strategies, trading volume based momentum strategies and weekly momentum strategies. It is found out that KSE is an emerging stock market which is fully integrated with existing financial global system and offers positive returns. It is also found out that price momentum strategies give positive above average statistically significant returns. Trading volume based momentum strategies and weekly momentum strategies with shorter time period gives average or below average return. Though most of weekly and trading volume momentum strategies are profitable but they should be used in combination with price momentum strategies and should have shortest formation period. Future research should focus on intra-day trading volume and emerging stock markets.
| Author | : Samuel O. Onyuma |
| Publisher | : Notion Press |
| Total Pages | : 519 |
| Release | : 2023-10-09 |
| Genre | : Business & Economics |
| ISBN | : |
Demutualization is the transformation of a securities exchange governance structure from a mutual association of stockbrokers operating as not-for profit entity into a for-profit company accountable to its shareholders. It has become a widespread phenomenon – one with increasing appeal in developed markets. It challenges the traditional approach to regulation of securities exchanges and raises issues regarding their role in capital markets regulation. In spite of its popularity as a strategy for catalysing securities exchange development in emerging economies, its pace in Africa has been excruciatingly very slow. African securities exchanges therefore remain underdeveloped compared to their peers in other emerging markets. So, how can African securities exchanges facing the challenge of integration and better technical and institutional development address the problem of underdevelopment through demutualization? This book explains how demutualization can enable greater and swifter securities market development in Africa; the role government regulators should play in demutualization of exchanges in African countries; the right self-regulatory model applicable to African exchanges; effective management of conflicts of interest and other barriers to separation of ownership from management and trading rights; types of investments needed to enhance the effectiveness of African’s capital market; and how securities exchange demutualization can facilitate African countries destiny to become leading capital markets globally.
| Author | : Sadika Hameed |
| Publisher | : Rowman & Littlefield |
| Total Pages | : 69 |
| Release | : 2014-10-07 |
| Genre | : Political Science |
| ISBN | : 1442240318 |
Pakistan’s economic crisis is one of the main sources of its instability, but government and donor efforts to stabilize and grow its economy have so far been inadequate. One of the barriers to investing in Pakistan’s private sector has been the perceptions of risk due to insecurity and corruption. This report suggests that opportunities for economic cooperation are hidden among those real risks. It reviews a number of sectors, focusing on small and medium-size enterprises, where foreign investors might find opportunities for joint ventures and investments, including the stock market, financial services, information and communication technologies, agriculture, consumer goods, and private education. Prospects for growth in these sectors derive from Pakistan’s large and growing population, consumer spending trends, and other comparative advantages. This report should be treated not as a guide to investing but as a study of where U.S.-Pakistan policy dialogues might focus on connecting investors with entrepreneurs.
| Author | : Kashif Saleem |
| Publisher | : |
| Total Pages | : 7 |
| Release | : 2008 |
| Genre | : |
| ISBN | : |
Extensive work has been done on the modeling of financial time series, both theoretically and empirically, on developed markets of Europe, Asia and United states. There exist sufficient literature on volatility modeling of emerging markets as well, such as, of Latin America, Eastern and Central Europe and Asia. However due to inappropriate flow of information before the concept of so called quot;Globalizationquot; many rapidly growing emerging markets could not attract the attention of financial researchers, such as, Karachi Stock Exchange (KSE) Pakistan, despite the fact that Bloomberg ranks the KSE-100, the benchmark Pakistani index, as the world's top-performing stock market in 2002 when Around the world, equity markets were grappling with tough times. This study can be considered as one of the very few attempts to model the most prominent features of the time series of KSE such as volatility clustering, excess kurtosis, and fat-tailedness by applying the most popular techniques proposed by Engle (1982), the Auto regressive Conditional Heteroscedasticity process (ARCH) and Bollerslev (1986), the Generalized Auto regressive Conditional Heteroscedasticity process (GARCH). Since, the intrinsically symmetric GARCH model does not cope with the asymmetry issues or so called leverage effect, the Exponential Generalized Auto regressive Conditional Heteroscedasticity process (EGARCH) proposed by Nelson (1990) is used.Careful empirics lead us to report that in KSE-100 positive returns are associated with higher volatility than negative returns of equal magnitude and it is evident that past residuals highly influence current volatility. GARCH (1,1) is found to be best to capture the persistence in volatility while EGARCH (1,1) successfully overcome the so called quot;leverage effectquot; in KSE-100.
| Author | : Muhammad Subayyal |
| Publisher | : |
| Total Pages | : 16 |
| Release | : 2014 |
| Genre | : |
| ISBN | : |
This study analyzes the impact of analysts' recommendations on stock prices in the Karachi Stock Exchange (KSE) using the Morning Shout, a report published daily by Khadim Ali Shah Bukhari Securities Ltd (KASB) which includes buy and sale recommendations about different stocks. Using event study methodology, a sample period of 2 years and 277 recommendations were analyzed. Market model is used to estimate abnormal returns for stocks around the recommendation dates. Results of the study indicate that analysts' recommendations do create positive abnormal returns for investors and these abnormal returns are the result of the information content. Results show that stocks earned on average 0.41% abnormal return on the day of publication of recommendations and continued to earn abnormal returns till the 10th day of publication of recommendations. Further analysis shows that there is a possibility of information leakage prior to the publication of recommendations, as these securities earned positive abnormal returns prior to the publication of Morning Shout.
| Author | : Aamir Azeem |
| Publisher | : |
| Total Pages | : 16 |
| Release | : 2014 |
| Genre | : |
| ISBN | : |
Karachi Stock Exchange (KSE) shows a better growth rate in perspective of financial derivatives but KSE also faces high degree of volatility. Now days, KSE is considered highest volatile market in derivative all over the world. Main user of derivatives is Telecom Sector, transportation Sector, Banking Sector, financial institution and power sector in Pakistan during 2007-2012. If we use such derivative for purely hedging purpose such instrument are very helpful but excessive speculation on such instrument lead the market toward volatility which hampers not only the market but also the derivative prospective. Better policy in this concern not only will increase the size of stock market but also will provide the depth of market, tax advantage, investor confidence and business growth Statutory restriction on different institution also hinder the pace of derivative progress in Pakistan like mutual fund only may use only 10% of assets in derivatives. Fragile economy is also major problem which hinder the true spirit of derivatives in recent era. There are many factors which increase need of derivative day by day i.e. Financial ease, limited access to sources of funds and multi-national business emergence. It should also be noted that many crises are owing to high investment in derivative like East Asia crises 1990 and 2005 in Pakistan.
