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Analysis and Result

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The citizens also believe in full lunar days, s, dring the Lunar Days, te stock market trade is slow the whole day. Te World Index effect, Fnancial Crisis and Arab Uprising have strong positive correlation coefficients in relation to the Stock Market Return. Te coefficient for the World Index effect agrees with the claims of the hypothesis, wich had predicted a positive effect on the stock market return. Te Financial Crisis and the Arab Uprising does not agree with the hypotheses, wich predicts them having negative effect on the market return.

I the same way, te Ramadan effect, lnar Day effect and the Friday Effect have negative correlation coefficients indicating negative effects on the Malaysian Stock Market return, cntrary to the hypothetic predictions of positive effects. I the Pakistan stock market, te World Index effect, Fnancial Crisis and Arab Uprising presents strong positive correlation coefficients in relation to the Stock Market Return. Te coefficient for the World Index effect is positive and in agreement with the hypothesis. Fnancial Crisis and Arab Uprising disagree with the hypotheses, wich predict effect on the stock market return.

Te Ramadan effect, lnar Day effect and the Friday Effect have negative correlation coefficients showing negative effects on the Stock Market return, aainst the hypotheses that predict positive effects. Te T – test measures the level of confidence in which the correlation analysis was done. If the coefficient of correlation is greater than 0, ten the test is statistically insignificant, ad the null hypothesis is rejected. O the other hand, i the t test value is 0, ten the test is statistically significant, te null hypothesis is accepted.

I the test for Pakistan Stock Market, te t – values for World Index, Rmadan Effect, Fnancial Crisis and Arab Uprising are statistically significant, hnce; te null hypotheses 1, 3and 5 are accepted. I this case, te null hypothesis 2, 4and 6 are rejected. I the t – test for Saudi Arabia, te T – test indicates statistical significance for the World index Effect, Fnancial Crisis and Arab Uprising. Te null hypothesis 1, 3and 5 are accepted while the null hypothesis 2, 4and 6 rejected.

Te Ordinary least square test for the dataset of Saudi Arabia gives a P - value of 0. Tis implies that on average,...

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