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An Empirical Analysis of Market and Industry Factors in Stock Returns of Pakistan Cement Industry


  • Muhammad Saeedullah

    (Shaheed Zulfikar Ali Bhutto Institute of Science and Technology (SZABIST))

  • Dr. Kashif-ur-Rehman

    (Preston University Kohat, Pakistan)


This paper applies multi-index model to Pakistan cement industry firms to find out the relationship of Pakistan cement industry firms to selected market and industry variables. The seven firms selected for this analysis were on the basis of data availability, profitability and performance on the KSE 100 index. The data for the stock prices for the selected cement firms and market and industrial variables were obtained for the period of July 1998 to July 2004. This paper concludes that the return on the KSE 100 index is the only independent variable significant at 0.05 level, while the industry variables are insignificantly related to the stock returns of cement industry but they do increase the explanatory power of the model.

Suggested Citation

  • Muhammad Saeedullah & Dr. Kashif-ur-Rehman, 2005. "An Empirical Analysis of Market and Industry Factors in Stock Returns of Pakistan Cement Industry," Journal of Independent Studies and Research (JISR), Shaheed Zulfikar Ali Bhutto Institute of Science and Technology (SZABIST), vol. 3(2), pages 13-20, July.
  • Handle: RePEc:zab:ancoec:v:3:y:2005:i:2:p:13-20

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    Cement Industry; Stock Market; Pakistan;

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • A2 - General Economics and Teaching - - Economic Education and Teaching of Economics


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