Testing the weak form of efficiency of the stock markets in Gulf Cooperation Council countries
by Mohammed Naim Chaker; Ariba Sabah
J. for Global Business Advancement (JGBA), Vol. 11, No. 3, 2018

Abstract: This study tests the weak form of efficiency in GCCC markets namely The United Arab Emirates (UAE), Saudi Arabia, Oman, Kuwait and Bahrain except for Qatar. The data source used in this study is secondary, comprising main indices from these markets with a sample collected from 1/1/2013 to 30/12/2017 on a daily basis. The tests employed are descriptive statistic to check the basic features of the data. Unit root test was used to check the stationarity in the series; the run test along with the variance ratio test were used to check the randomness and efficiency of share price movement. The results suggest that none of the five major stock markets (Dubai Financial Market (DFM), Saudi Stock Exchange, Muscat Securities Market, Bahrain Stock Exchange (BSE), and Kuwait Stock Market) being studied followed a random walk; the null hypothesis has been rejected under all the cases.

Online publication date: Mon, 26-Nov-2018

The full text of this article is only available to individual subscribers or to users at subscribing institutions.

 
Existing subscribers:
Go to Inderscience Online Journals to access the Full Text of this article.

Pay per view:
If you are not a subscriber and you just want to read the full contents of this article, buy online access here.

Complimentary Subscribers, Editors or Members of the Editorial Board of the J. for Global Business Advancement (JGBA):
Login with your Inderscience username and password:

Username:        Password:          Forgotten your password?

Want to subscribe?
A subscription gives you complete access to all articles in the current issue, as well as to all articles in the previous three years (where applicable). See our Orders page to subscribe.

If you still need assistance, please email subs@inderscience.com