Comments on “Testing Semi-strong Form Efficiency of Stock Market by Salman Syed Ali & Khalid Mustafa”
Abstract
First, I would like to congratulate the authors for a competent and well-crafted work which investigates in a rigorous manner the extent to which publicly available news affects stock market prices. A large number of tests, replicating many which have been carried out for the US Stock Market, show that the Pakistani stock market appears to be more or less efficient in this respect. That is, publicly available information is sufficiently speedily incorporated into stock market prices that speculator would be well-advised not to speculate on this basis. It would be worthwhile comparing these results with those obtained for other emerging stock markets. In this respect, it is important to note that it is regional studies like these are not typically published in global international journals. However studies similar to these are being carried out in many different countries with emerging stock markets.
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