انج تاں توں ڈکیندا نہیں ہائیں، ڈکیا ہنجواں ہاہواں نال
انج تاں توں ٹھلیہندا نہیں ہائیں، ٹھلیا ٹھنڈیاں ساہواں نال
بدل ماحول گیا اے سارا نویاں قدراں بدلن نال
گولاں اج وناں تے نہیں نے، نہیں نے بور اکاہواں نال
سر دا بھار اوڑک نوں اپنے پیراں اتے اونا ایں
اپنے بھار نے چونے پوندے ٹٹیاں ہویاں باہواں نال
ہک دوجے نال مل کے سارے لوک ترقی کر دے نیں
بندے نکل جاندے نیں اگے، اپنیاں اپنیاں ٹھاہواں نال
پٹھے وڈھ کے چھیڑ مجھیں دا اج رجونا پوندا اے
ڈھور کدے وی رج دے نہیں نیں، بنیوں پٹے گھاہواں نال
نازک جان ملوک تیری اے، اوکھا پیار دا پینڈا ای
ساڈی ریس ناں کر توں جھلیا، اسیں ہاں حال تباہواں نال
بھانویں اوگنہار ہاں میں، پاک نبیؐ دی امت ہاں
مینوں ساڑ دوزخ نہیں سکدا اگاں اتے بھاہواں نال
Mankind came at this earth with their needs. The basic needs of mankind are food for eating, water for drinking, and for the protection of selves; they need wearing clothes and shelter to safeguard themselves from rain, hot and cold. The responsibility of living is dependent on these essential requirements. Islam teaches mankind to earn lawful food. Many verses and hadiths are related to earning lawful food. Islam is a peaceful religion. Therefore, to earn lawful (Halal) food is appreciated. This is a fact that the economic stability has positive effects on human beings' faith, believe, ethics, character, thinking, thoughts, personality and the system of a family. Whereas the financial instability puts negative effects on people's faith, believe ethics, character, thinking, thoughts, personality and the system of a family. That is why Islam advises mankind for earning lawful (Halal) foodstuff. All those sources are considered unlawful (Haraam) to earn money, which directly affects society or people’s wealth, life, and faith. The lawful (Halah) money (food) motivates the people towards good works and unlawful (Haraam) simulates the mankind to do sinful deeds. Food affects the body, like same the unlawful (Haraam) money (food) affects the soul. Lawful foodstuff produces a spiritual power in people for doing good and righteous and to inculcate give values, respect and importance to every relationship and to the society at large. The aim of this draft to elucidate the importance of lawful money (foodstuff) and its role in the stability of the family system.
This study contributes to literature in four ways to explore the dynamics of stock price synchronicity (SPS). Firstly, it tests the weak form of market efficiency. Secondly, measures the effect of information environment on SPS by using firm specific variables i.e. liquidity, illiquidity, cost of information, trading cost and investor attention. Thirdly, this study attempts to investigate the relationship between information environment and foreign investment. Fourthly, role of information environment premium or SPS premium in explaining equity returns is explored. This study investigates the weak form of efficiency of Karachi stock exchange using a set of parametric and non-parametric tests that include Jarque-Bera and Kolmogrov-Smirnov (KS) test for normality, autocorrelation and Run test for autocorrelation, Augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) for stationarity and multiple variance ratio (MVR) test. The results of the study indicate that daily, weekly and monthly returns do not follow random walk. So, investors can use technical analysis to devise investment strategies. This study also examines the relationship between SPS and firm specific variables associated with information environment. Results indicate that age, size, institutional ownership, book to market ratio, trading cost, liquidity, illiquidity and returns have significant impact on SPS. Various proxies of liquidity and illiquidity are used to test the robustness of results. These proxies include volume, turnover rate, value traded, Amihud illiquidity and percentage of zero volume days. The results suggest that the differences in idiosyncratic volatility are not linked with the more or less information of firm specific attributes. It appears to be linked with noise in returns. Findings of this study are in line with West (1988) and Lettau Malkiel and Xu (2001). This study further suggests that low stock price synchronicity is a result of imbedding of firm specific variables information in to stock prices. If quality of information environment is good, market model R square will be higher represented by large institutional holding, greater age, lower trading cost, large size, value stocks, low illiquidity, high liquidity and large information events. In next phase, this study examines the relationship between foreign investment and information environment. Results indicate that Institutional ownership, age, trading cost, size, liquidity and illiquidity influence foreign investment. Institutional ownership, size and percentage of zero volume days have significant and positive impact on foreign investment and trading activities have negative association with foreign investment. Such deviations might be the effect of herding, noise trading and instable dynamics of emerging markets. Finally, this study explores the impact of size premium, value premium, information efficiency premium on average equity returns using the methodology proposed by Fama and French (1992, 1993). Result indicates that size premium, values premium and information efficiency premium are priced by the market. Market premium, size premium, value premium and information efficiency premium significantly explain equity returns in single factor, three factor and four factor model. Capital asset pricing model (CAPM) is valid for explaining average equity returns but multifactor model captures additional information. Therefore, it can be concluded that size premium, value premium and information efficiency premium are considered as systematic risk and priced by the market.