پروفیسر سید احتشام حسین
افسوس ہے پچھلے دنوں پروفیسر سید احتشام حسین کااکسٹھ برس (۶۱) کی عمر میں اچانک حرکت قلب کے بند ہوجانے کے باعث الہٰ آباد میں انتقال ہوگیا۔ موصوف اردوزبان کے نامور استاذ، بلند پایہ ادیب، مصنف اورنقاد تھے۔اگرچہ انھوں نے لسانیات، تاریخ اورسماجیات پربھی لکھاہے لیکن ان کی قلمی تگ ودو کا اصل میدان تنقید تھا۔اگرچہ وہ ترقی پسند نظریۂ ادب کے حامی اور اس کے علم بردار تھے لیکن طبیعت میں سنجیدگی تھی اورفکرمیں اعتدال وتوازن،اس حیثیت سے انہوں نے اردو ادب میں نئی تحریکوں کی رہنمائی کی اوران کو غلط راستہ پرپڑجانے سے بچانے کی بھرپور کوشش کی۔ان کی تحریر شگفتہ اوررواں ہوتی تھی اوراس میں زبان کے چٹخارہ کے بجائے علمی وقار ہوتا تھا۔اردوزبان ادب میں محقق اورتنقید نگار نوجوانوں کی موجودہ نسل کے پیدا کرنے میں ان کابڑاحصہ ہے۔اخلاق و عادات کے اعتبار سے بڑے شریف،ہمدرد ومتواضع اورسادہ طبیعت انسان تھے۔ اﷲ تعالیٰ ان کو مغفرت وبخشش کی نعمت سے سرفراز فرمائے۔ [دسمبر ۱۹۷۲ء]
Foreign policy is one of the wheels with which process of international politics operates. It is not separate from the national policy. It is an important tool to relate the relations to other countries. Foreign policies consist of aims and measures that are intended to guide government decisions and actions with regard to external affairs, particularly relations with foreign countries. Friendly, non-threatening and peace-loving attitude seems to be the hallmarks of most states. Yet on the other hand, there could be some countries that act as hostile and aggressive and there is hardly any world force that can constrain them. A basic and age-old problem of state systems arises from here: national security. Many states deploy armed forces to deal this particular problem. Usually, states coexist and deal with each other without breaking the internal hegemony. So the main issues of mankind are war and peace. A great emphasis has been put in Islam in the field of international relations. Islam developed a different structure and gave a distinct understanding of international relations. Islam offers a complete handbook on international relations through his teachings. Peace works as root in the relation of countries. Securing the world peace and settling disputes and anarchy are the core aims of Islamic teaching.
This study examines the pricing efficiency of the derivatives segment of Pakistan Stock Exchange (PSX), particularly the Single Stock Futures (SSF), to look for the arbitrage opportunities. Futures provide profit-making opportunities to the arbitragers if these contracts are being traded above or below their theoretical fair price. A positive mispricing helps to get a riskless profit by selling the futures and buying the underlying stock and negative mispricing yields through buying the futures and selling the underlying stock. These contracts are available for more than forty individual stocks listed on PSX that are selected biannually through uniform selection criteria. The analysis is piloted on one-year data collected from twenty-two firms, engaged in stock futures trading on PSX. Summary statistics confirmed numerous instances of deviation of these future contracts from their fair prices calculated by the cost of carry formula. Though negative deviations were greater in magnitude, positive deviations were relatively more in frequency, leading to the conclusion that SSFs are generally sold on premium in our stock market and arbitrage trading is easier in this market. Results of random effect Tobit model indicated that behavior of price deviations in SSFs can be determined by different factors. It is observed that absolute mispricing increases with the increasing time to maturity of these contracts. Increasing price bands are also associated with increasing volatility of underlying stock. Absolute mispricing behaves differently for liquidity, as measured by trading volume, of futures and their underlying stock. Lower liquidity of underlying stock and higher liquidity of SSFs increases the mispricing spreads. Open interest cannot significantly explain the behavior of mispricing.