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Stock Market Prices Follow The Random Walks: Evidence From The Efficiency Of Karachi Stock Exchange, Mian Saqib Mehmood, Asif Mehmood, Bahaudin G. Mujtaba
Stock Market Prices Follow The Random Walks: Evidence From The Efficiency Of Karachi Stock Exchange, Mian Saqib Mehmood, Asif Mehmood, Bahaudin G. Mujtaba
Mian Saqib Mehmood
This study describes the behavior of the Karachi Stock Exchange (KSE) regarding the movement of share prices of the companies listed at KSE-100 Index as well as how the share price at KSE follows Random Walk. Moreover, this study pinpoints that the prices of the securities are co-integrated and cannot always be predicted. However, the historical data of KSE-100 Index from January 2, 2001 to November 15, 2011 was collected which contains 2672 observations of the closing share price index of the top 100 companies listed with KSE. Simple unit root – Augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) – tests …