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Efficiency of Karachi Stock Exchange 2000-2012

Thesis Info

Author

Mazhar Farid Chishti

Department

Department of Management Sciences

Program

Mphil

Institute

National University of Modern Languages

Institute Type

Public

City

Islamabad

Province

Islamabad

Country

Pakistan

Thesis Completing Year

2013

Subject

Management Sciences

Language

English

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676728779173

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The present study is conducted to investigate Weak Form Efficiency (WFE) of KSE-100 Index by using the daily data set from January 3, 2000 to November 30, 2012. This study estimated three unit root tests namely Augmented Dickey and Fuller (1979), Phillip-Perron (1988) and Kwiatkowski, Phillips, Schmidt and Shin (1992). Weak Form Efficiency was also investigated by applying autocorrelation test with the help of Q- statistics. From the statistical results mixed findings are concluded about the efficiency of KSE-100 index. The presence of unit root indicates that a time series is non-stationary or random walk or in other words Weak Form Efficient. Meanwhile, estimated statistical results of Ljung-Box Q-Statistic of autocorrelation concluded that KSE-100 index is not Weak Form Efficient. However, the main reason of difference in results is because of the low power of process of unit root tests if the process is stationary. The implication of these findings can play pivot role in case of investment decisions made in stock markets in Pakistan. Investment managers, investors, multinaltional and even policy makers of developing countries with prior knowledge about Weak Form Efficiency of stock markets of the Pakistan can make smart investment decisions with better risk management.
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سیدہ آمنہ کی وفات

سیدہ آمنہؓ کی وفات
سیدہ آمنہؓ اپنے شوہر کی وفات کے بعد ان کی قبر کی زیارت کے لیے نہیں جا سکی تھی ۔ اب انہیں موقع ہاتھ لگا تو اپنے لخت جگر کو جن کی عمر چھ سال کے لگ بھگ تھی اور ام ایمن کو ساتھ لیے شوہر کے مزار پر حاضری دینے کے لیے سوئے مدینہ روانہ ہوئیں ۔ ایک ماہ قیام کرنے کے بعد واپسی کا راستہ لیا ۔ قدرت خدا کی دیکھیے کہ راستے میں بیمار ہوئیں اور ابواء کے مقام پر پہنچیں تو ان کا آخری وقت قریب آ گیا اور وفات پا گئیں ابواء کے مقام پر دفن کر کے ام ایمن سیدالصادقین ﷺ کو لے کر مکہ آئیں اور عبدالمطلب کو اس واقعہ سے آگاہ کیا آپ کو بہت دکھ ہوا ‘ولادت سے پہلے باپ چل بسا اور اب والدہ بھی اللہ کو پیاری ہوگئیں اس حال میں یتیم پوتے کو سینے سے لگا کر رو پڑے انہوں نے آپ ﷺکو اپنی کفالت میں لے لیا اور والدین کی کمی محسوس نہ ہونے دی ۔
اہم نکتہ: بعض سیرت نگاروں نے لکھا ہے کہ سیدہ آمنہ ؓمدینہ میں اپنے رشتے داروں کو ملنے گئی تھیں یہ بعید از قیاس ہے کیونکہ سیدہ آمنہ کی اپنی ذاتی رشتہ داری نہ تھی ۔ اگر یہ بات کہی جاتی کہ سیدہ آمنہؓ اپنے سسرال کے رشتہ داروں سے اپنے نور نظر کی شناسائی کے لیے تشریف لے گئی تھیں تو بجا ہوتا کیونکہ وہ سسرالی رشتہ دار تھے اور سسرال کی ننھیال بہت دور کی رشتہ داری کی بات ہے اور علامہ شبلی کہتے ہیں کہ میرے نزدیک بعض مورخین کا یہ بیان درست ہے کہ حضرت آمنہ ؓاپنے شوہر کی قبر کی زیارت کے لیے گئی تھیں جو مدینہ میں مدفون تھے بعض مورخین نے لکھا ہے کہ آمنہ...

پاکستانی معاشرہ اور تعلیمات قرآنی میں بعد

In spite of the fact that Pakistan is an Islamic Republic, 97% of the population is Muslim and majority of it is considered sentimently staunch Muslims; it is a fact that society is not familiar and closely attached with Quranic injunctions. There are many reasons for that such as custom of teaching Quran Nazira (reciting Quran without understanding), Arabic language is not part of curriculum and when it is taught in DiniMadaris, it is taught in boring Grammar Method relying on memorization. Quran is not taught in modern schools, colleges and universities and lower social status of Quran teachers etc. It is absolutely necessary that teaching Quran with comprehension and understanding is given due importance by Ulama, governments and Muslim society at large. It should be made integral part of curriculum in modern schools and universities. Status of Quran/Arabic teachers should be elevated and Arabic language should be taught in an attractive method;  and other necessary measures are taken to make Quran ‘talk of the town’ so that every Muslim understands it and acts upon its injunctions.

Scattering of a Plane Wave by a Rectanglar-Semi-Infinite Dielectric Slab and Dielectric Cylinder by Mode Matching

The dielectric slabs, dielectric wedges and dielectric rectangular cylinders represent a significant set of structures used in many practical systems. The parameters of interest include field configuration (modes) that can be propagated and scattered by such structures. It is known that power carried by these structures depends upon the constitutive parameters of the medium and the geometry of the structure. The studies carried out so far on the topic of propagation and scattering for these structures is generally due to the slab with very small thickness compared to the wavelength. The approximation solution for the thick dielectric slab is not readily available. The reason is the complexity of the problems. The solutions of these problems result into complicated mathematical formulae which require efficient computational skill which was not available until the advent of fast computers. A solution for the two-dimensional diffraction problem of plane electromagnetic waves by a thick dielectric slab is investigated thoroughly using Mode Matching (MM) technique, which is considered to be straightforward and understandable, in conjunction with the Method of Moment (MoM) considering transverse electric polarizations (TE) parallel to the edge of the considered structure. To start with, the fields in all regions are expanded in terms of mix spectrum of guided and radiated modes. In the free space, a continuous radiation mode expansion is used. The guided modes are finite in number while there are infinite number of radiation modes. The condition for guided modes in the dielectric slab dictates eigenvalue equation. Only those eigenvalues are retained which satisfy valid conditions of the problem. That is, the power is propagated within the slab and and decay exponentially in the free space. Then Mode Matching technique is applied, incorporating the orthogonal properties of the mixed spectrum of the modes in order to separate the guided and radiation components of the field. The discretization of radiation mode spectrum is achieved leading to the numerically stable solution provided a sufficiently large number of points to convert the integral into finite summation. Method of Moment is employed to determine the reflection coefficients for free space radiation modes. Consequently mode amplitudes of all the even guided, odd guided and radiation modes are determined. The scattered far field is evaluated by the saddle point method. A numerical solution of this system is obtained, propagated and scattered powers are evaluated in all regions, which includes the dielectric and free space regions, for various values of incident angles and slab thickness. The same method and sequence is employed for the other dielectric structures like wedge and rectangular cylinder.