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Stock Market in Pakistan: An Overview

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  • Iqbal, Javed

Abstract

This paper reviews the main features of the Stock market in Pakistan focussing on post-liberalization period. The aspects of the market investigated include liberalization of the market, integration the market with the world markets, trading and settlement mechanism, and corporate governance issues. Finally salient features of the market are compared to a selected set of emerging and developed markets. Pakistan’s stock market is smaller in size but is significantly more active than the markets of this size. In recent years the market has provided very high returns to investors. In 2002 the market was declared as the best performing stock market globally.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 11868.

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Date of creation: Jul 2008
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Handle: RePEc:pra:mprapa:11868

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Keywords: Stock Market; Pakistan;

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  1. Fazal Husain & Reza Saidi, 2000. "The integration of the Pakistani equity market with international equity markets: an investigation," Journal of International Development, John Wiley & Sons, Ltd., vol. 12(2), pages 207-218.
  2. Ajay Shah, 1995. "The impact of speculation upon volatility and market efficiency: The badla experience on the BSE," Finance, EconWPA 9507002, EconWPA.
  3. Bekaert, Geert & Harvey, Campbell R., 1997. "Emerging equity market volatility," Journal of Financial Economics, Elsevier, Elsevier, vol. 43(1), pages 29-77, January.
  4. Kim, E Han & Singal, Vijay, 2000. "Stock Market Openings: Experience of Emerging Economies," The Journal of Business, University of Chicago Press, University of Chicago Press, vol. 73(1), pages 25-66, January.
  5. Demirguc-Kunt, Ash & Levine, Ross, 1996. "Stock Market Development and Financial Intermediaries: Stylized Facts," World Bank Economic Review, World Bank Group, World Bank Group, vol. 10(2), pages 291-321, May.
  6. Geert Bekaert & Campbell R. Harvey & Christian T. Lundblad, 2003. "Equity Market Liberalization in Emerging Markets," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 26(3), pages 275-299.
  7. Venkat Eleswarapu & Chandrasekar Krishnamurti, 1995. "Do `speculative traders' increase Stock Price Volatility? Empirical evidence from the Bombay Stock Exchange," Finance, EconWPA 9507006, EconWPA.
  8. Korajczyk, Robert A, 1996. "A Measure of Stock Market Integration for Developed and Emerging Markets," World Bank Economic Review, World Bank Group, World Bank Group, vol. 10(2), pages 267-89, May.
  9. Peter Blair Henry, 2000. "Stock Market Liberalization, Economic Reform, and Emerging Market Equity Prices," Journal of Finance, American Finance Association, American Finance Association, vol. 55(2), pages 529-564, 04.
  10. Harvey, Campbell R, 1995. "Predictable Risk and Returns in Emerging Markets," Review of Financial Studies, Society for Financial Studies, Society for Financial Studies, vol. 8(3), pages 773-816.
  11. Bekaert, Geert & Harvey, Campbell R., 2002. "Research in emerging markets finance: looking to the future," Emerging Markets Review, Elsevier, Elsevier, vol. 3(4), pages 429-448, December.
  12. Siddiqi, Hammad, 2008. "Information Transmission in Emerging Markets: The Case of a Unique Financing Instrument," MPRA Paper 6714, University Library of Munich, Germany.
  13. Ali F. Darrat, 2002. "Permanent and Transitory Driving Forces in the Asian-Pacific Stock Markets," The Financial Review, Eastern Finance Association, Eastern Finance Association, vol. 37(1), pages 35-51, 02.
  14. Berkman, Henk & Eleswarapu, Venkat R., 1998. "Short-term traders and liquidity: a test using Bombay Stock Exchange data," Journal of Financial Economics, Elsevier, Elsevier, vol. 47(3), pages 339-355, March.
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Cited by:
  1. Ahmed, Tehseen & Malik, Saif Ullah, 2012. "Determinants of Inflow of Foreign Direct Investment (FDI) into Pakistan," MPRA Paper 54737, University Library of Munich, Germany.
  2. Iqbal, Javed & Farooqi, Faraz Ahmed, 2011. "Stock price reaction to earnings announcement: the case of an emerging market," MPRA Paper 30865, University Library of Munich, Germany, revised 10 May 2011.

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