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- Title
The Weak Form Efficiency and Correlation of the Stock Markets at GCC Countries.
- Authors
Meero, Abdelrhman Ahmad
- Abstract
This paper aims the identification of two propositions. The first one is to test the market efficiency in the Gulf Cooperation Council Countries stock markets (Abu Dhabi, Bahrain, Dubai, Kuwait, Oman, Qatar and Saudi Arabia). The second objective is to identify the relationship between the returns of these markets. Seven stock markets at six countries have been studied. Daily market index prices have been collected from the official website sites of these stock markets. The collected data cover the period from June 2008 until June 2018. Different statistical tools have been used to test the random walk hypothesis at these markets. The results of the study show that the GCC Stock Markets are not efficient at the weak form of market efficiency. These findings mean that the investors of these markets can benefit from the historical information to make an abnormal profit. The correlation test shows a significant relationship between stock returns in different GCC countries. Only stock returns in the Bahrain Stock Exchange and in Kuwait Stock exchange don't show any significant relationship with other markets at the GCC.
- Publication
International Journal of Business & Management Science, 2018, Vol 8, Issue 3, p577
- ISSN
1837-6614
- Publication type
Academic Journal