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Day of the Week Effect and Stock Returns: (Evidence from Karachi Stock Exchange-Pakistan)

Listed author(s):
  • Faryad Hussain

    ()

    (Department of Management Sciences, Muhammad Ali Jinnah University Islamabad, Pakistan)

  • Kashif Hamid

    ()

    (Institute of Business Management Sciences, University of Agriculture-Faisalabad, Pakistan)

  • Rana Shahid Imdad Akash

    ()

    (Department of Business Administration, International Islamic University Islamabad, Pakistan)

  • Majid Imdad Khan

    ()

    (Department of Management Sciences, Muhammad Ali Jinnah University Islamabad, Pakistan)

Registered author(s):

    Day of the week effect study is focused as a stock market anomaly on the equity market practices in Pakistan. The modus-operandi applicable in this research consists of daily stock prices concerned to KSE-100 Index, for the period January 2006 to December 2010. The working week for trade matters consist of five days. Study concludes that Tuesday returns are quite significant and positive. Hence it is inferred that there exists day effect in Pakistani stock market. The returns of Tuesday on an average are greater in comparison to rest of the days. The regression analysis is performed to meet the thrust of this study.

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    Article provided by Far East Research Centre in its journal Far East Journal of Psychology and Business.

    Volume (Year): 3 No 1 Paper 3 April (2011)
    Issue (Month): 3 (April)
    Pages: 25-31

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    Handle: RePEc:fej:articl:v:3a:y:2011:i:3:p:25-31
    Contact details of provider: Web page: http://www.fareastjournals.com/journal_detail.aspx?jid=18

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    1. French, Kenneth R., 1980. "Stock returns and the weekend effect," Journal of Financial Economics, Elsevier, vol. 8(1), pages 55-69, March.
    2. Lakonishok, Josef & Levi, Maurice, 1982. " Weekend Effects on Stock Returns: A Note," Journal of Finance, American Finance Association, vol. 37(3), pages 883-889, June.
    3. Dimitris Kenourgios & Aristeidis Samitas & Spyros Papathanasiou, 2005. "The Day of the Week Effect Patterns on Stock Market Return and Volatility: Evidence for the Athens Stock Exchange," Finance 0512028, EconWPA.
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