اسقاط حمل كے شرعى احكام عصری تناظر میں تجزیاتی مطالعہ

Human beings are the masterpieces of the Creator of the universe and He enjoined them to preserve human life. One form of the preservation of life is the utmost care for the rights of even an embryo. The study of the rights of the embryo laid down in the primary scriptures of Islam suggests that the embryo is accorded respect like living people. The rights of children start well before their birth. At present, cases ofabortion are reported daily. Muslim jurists have dwelled on ordinances about abortion for the benefit of people. At present,  medical science has revealed all the stages of childbirth from conception to delivery. The effects of abortion, both positive and negative, are not hard to grasp in the light of modern scientific research Not to talk of living people, Islam guarantees the life of the early developmental stage of a baby within the uterus of the mother. This extraordinary care for a child during its embryonic period demonstrates that Islam attaches high priority to human life even before its start on the face of the Earth. Should one abort without a legitimate cause, the legal experts from the main schools of Islamic jurisprudence hold that the perpetrator will pay a fine and make compensation. If, on the other hand, a fetus is removed from the womb to end a pregnancy as it may harm a woman physically, it is allowable;  only a healthy mother may give birth to healthy babies. In a like manner, when a couple feels unable to train and educate somany kids, they may have an operation to end a pregnancy by removing an embryo. However, while resorting to abortion,  parents must not lose sight of the do’s and don’ts of abortion jurists have laid down and not just fall victim to the catchy slogan of “family planning”.

Weak - Form Efficiency in Karachi Stock Exchange: Evidence from Random Walk Hypothesis

he study is aimed at an empirical examination of the weak-form efficiency in Pakistani stock market within the framework of random walk hypothesis. The concept of weak-form efficiency of stock market initially was developed by Fama (1970), under the efficient market hypothesis (EMH), along with two other, strong and semi-strong forms.An efficient market is defined as where “stock prices fully reflect all available information. The efficiency of capital market is one powerful reason investors are so willing to invest in that market. Presence of even weakest form of efficiency in the stock market implies presence of random walk. The current study is based upon KSE, owing to its huge turnover as compared to the other stock exchanges in Pakistan. This particular study is based upon examining the four indices in the exchange and 43 companies selected on the basis of trading frequency of at least 95% days. The study adopted a triangular approach in methodology by using direct and indirect methods for exploring random walk. Directly random walk is tested by applying traditional tests; serial correlation, runs, Kolgomorov-Simirnov, autoregression, variance ratio and unit root tests and ARMA models.However, indirectly random walk is investigated by the presence of seasonal anomalies, volatility clustering, thin-trading and through non-linearity of return series.The empirical findings of the study conducted suggest that Karachi stock exchange does not exhibit weak-form efficiency and random walk for the majority of its firms and indices over the study period. The results reveal the presence of serial correlation and autocorrelation in the returns series of all indices and in most of the firms in the stock market. Similarly, stationary returns at level and non-stationary at difference also reveal the absence of random walk. Significant ARMA values also depict absence of random walk. Presence of anomalies and volatility clustering is found in majority of the indices and in firms.However, the study does support random walk in few of the selected firms and KSE-30 index and to some extent indication of random walk is found in KMI-30 index.Correspondingly, the absence of seasonal anomalies in KSE-30 and to some degree in KMI-30 index is credited to the free-floating methodology of shares in these indices. Similarly, the non-stationary return series of KSE-30 as depicted by unit root tests and GARCH models also supports the evidence of random walk in the index. Likewise, for variance ratio test and ARMA model the null hypothesis for random walk cannot be rejected for KSE-30 index.It is concluded therefore, that for KSE-30 index the evidence found in the study supports the weak-form efficiency. Hence, it can be said that KSE does not follow random walk with exception to KSE-30 index. Auxiliary research on KSE-30 index is however suggested by using a diversified approach and by analyzing weekly and monthly data for the corroboration of the results presented in the study.