The integration of the Pakistani equity market with international equity markets: an investigation

Fazal Husain

21 citations0/0 files storedJournal of International Development

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Abstract

This paper investigates the integration of the equity market in Pakistan with those in other countries. In this context, seven major equity markets, that is, the markets of USA, UK, France, Germany, Japan, Hong Kong, and Singapore were selected for the analysis. The integration was examined through co-integration analysis using weekly country indices from January 1988 to December 1993. The analysis provides little evidence of integration of the Pakistani market with international markets. The low level of integration qualifies the Pakistani market as an attractive diversification tool for international portfolio managers. Copyright © 2000 John Wiley & Sons, Ltd.

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References

1987Co-Integration and Error Correction: Representation, Estimation, and Testing 1959Portfolio Selection: Efficient Diversification of Investments 2010Critical Values for Cointegration Tests 1970International Diversification of Investment Portfolios 1991Critical Values for Cointegratio11 Tests*1992An Empirical Analysis of Stock Prices in Major Asian Markets and the United States 1992Emerging Markets 1976International Capital Markets.

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2005Behaviour of Stock Markets in South Asia

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