The study has focused on the foreign portfolio investment (FPI) in Pakistan Stock Exchange (PSX). Mixed-method approach is applied to analyse quantitative and qualitative data. The study analyses three types of data, thus it presents three different analysis procedures. Quarterly data from secondary sources (2007Q3 to 2017Q2) of ten consecutive years, primary data collected through questionnaire and qualitative data collected through interviews have been analysed. Firstly, drivers of FPI are identified and explored through secondary data. Two different sets of variables (macroeconomic variables and stock market indicators) are explored. Macroeconomic variables include economic growth activity, interest rates, exchange rate risk, inflation rate, country risk and foreign direct investment (FDI). The set of stock market indicators include stock market size/capitalization, stock market returns, stock market risk, stock market liquidity and stock market index. The relationship of both sets of variables with the dependent variable has been explored. Correlation is checked along with Co-integration analysis. Co-integration is carried out for checking the long-term relationship between the selected variables. After establishing long-term relationship, short-term relationship has been explored through Vector Error Correction Model (VECM). Furthermore, magnitude of these relationships has been checked by doing the multiple regression analysis through Ordinary Least Square (OLS) method. After secondary data analysis, the influence of FPI flows on the investment decisions of domestic institutional investors has been checked by analyzing primary data collected through questionnaire-based survey from domestic institutional investors listed at PSX. The questionnaire comprises of thirty questions, covering three behavioural factors; overconfidence, conservatism and herding effect in the context of FPI. Six separate questions have been asked in order to triangulate the results of secondary data analysis. The responses have almost supported the results of the secondary data analysis. For further thorough analysis, interviews from ten domestic institutional investors have also been conducted. The respondents were asked that whether FPI flows really influence the investors’ investment behaviour and secondly, suggestions regarding investment decisions have also been sought from them. Almost, all of the interviewees responded cooperatively and suggested that government should take steps in order to provide safety to foreign investors and protect the small domestic investors as well, especially, in crisis situations. Thus, this study has been carried out about the foreign investment in Pakistan by applying mix-method approach with quantitative and qualitative data analysis. The study has clear policy implications for the policy makers and the stock market stake holders.
کلام یا گفت گو کرتے ہوئے ایسی آوازیں جن کی ادائیگی میں منہ کے اندر کسی قسم کی رکاوٹ نہیں ڈالی جاتی، ان بغیر رگڑ یا رکاوٹ کے پیدا ہونے والی آوازوں کو مصوتے کہا جاتا ہے۔ بقول گوپی چند نارنگ:
’’وہ آوازیںجنہیںپیدا کرنے کےلیے ہواکےگزرنے کاراستہ نسبتاً کُھلا چھوڑدیاجاتاہے لیکن زبان اور ہونٹوں کی مختلف حرکات سے منہ کے اندرونی حصےکی شکل میں تغیر وتبدل کیاجاتاہے۔اس طرحپیداہونے والی آوازوں کو مصوتے کہاجاتاہے۔‘‘۵۱؎
مصوتے کو انگریزی زبان میں Vowelsاور عربی زبان میں حروفِ علت کہا جاتا ہے۔مصوتے کو اردو زبان میں سُر بھی کہتےہیں۔
مصوتوں کی ادائیگی کے دوران زبان کی تین طرحکی حرکت ہوتی ہے:
۱۔زبان کی نوک جب تالو کےسخت حصے کی طرف اٹھے اس طرحنکلنے والے مصوتے اگلے (Front) مصوتے کہلاتےہیں۔
۲۔جب زبان کا درمیانی حصہ اوپرتالو کی طرف اٹھے تو اس وقت پیدا ہونے والے مصوتوں کو مرکزی (Central) یا درمیانے مصوتے کہا جاتا ہے۔
۳۔ جب زبان کی جڑیاپچھلا حصہ اوپر نرم تالو کی طرف اٹھے تو اس وقت پیداہونے والے مصوتے پچھے (Back) مصوتے کہلاتےہیں۔
ان تین طریقوں سےپیدا ہونے والے مصوتوں کوماہرین لسانیات نے مختلف حصوں میں تقسیم کیاہے۔انگریزی زبان میںمصوتوں کی تعداد پانچ ہے۔ (a.e.i.o.u) انگریزی کے ان مصوتوں کوماہر لسانیات نےمزید ذیلی مصوتوں میںتقسیم کیاہے۔اردو میںمصوتوں کی تعداد مختلف ماہرین لسانیات نے مختلف لکھی ہے۔بقول ڈاکٹر محبوب عالم خان:
’’اردو کے دس اساسی مصوتوں کی نشان دہی ان بنیادی مصوتوں کے چوکٹھے میں زبان کی بلندی، جبڑوںکے فاصلے اور لبوں کی شکل کو مدِ نظر رکھتے ہوئے کی گئی ہے۔‘‘۵۲؎
This study aims to prove that the Parenthetical Sentences in the Quran are not a way to improve the beauty of literature, but if they appeared in a convenient location they became the requirements of the text. The main findings of this study include the parenthetical sentences in the Holy Quran characterized by specific semantics which is known by the context of Ayat and not only because of assertion, embellishment or clarification. These sentences would inspire the attention from the reciter of Quran to think of the underlying meaning. The parenthetical sentences in Quran cannot be nullified as this will divert the true meaning of Ayat e Kareemas.
Comprehension is the basic purpose of reading. The present study intends to explore the English reading comprehension proficiency of grade 10 students of Gilgit city specifically in terms of comparisons across gender, school system and parental qualification. The reading comprehension test developed by Arellano (2013) was adapted for the study in order to measure students’ level of comprehension. The test consisted of twenty-six items followed by four domains of reading comprehension – getting general information, getting specific information, understanding textual structure and deducing meaning from context. The overall reliability of the tool was 0.88. The test was administered to a stratified random sample of 181 secondary school students enrolled for the academic year of 2014 to 2015. The selected sample consisted of male (n=103) and female (n=78) students from private (n=4) and public (n=4) schools, respectively. Inferential analysis was carried out to determine the statistical level of difference between the groups and the hypothesis was tested at the 0.05 level of significance. On the whole, students’ level of attainment in the comprehension test was (M= 26.10%). Moreover, the study found (both on overall English reading comprehension as well as at subscale level) a significant level of difference across gender, school system and parental qualification. Girls, private school students and children of educated parents performed relatively better in English reading comprehension than each of their counterparts, respectively.