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

Faryad Hussain (), Kashif Hamid (), Rana Shahid Imdad Akash () and Majid Imdad Khan ()
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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

Far East Journal of Psychology and Business, 2011, vol. 3 No 1 Paper 3 April, issue 3, 25-31

Abstract: 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.

Keywords: Returns; KSE-100; Monday Effect; Regression (search for similar items in EconPapers)
JEL-codes: M1 (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (9)

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