Abstract
The Efficient Market Hypothesis (EMH) proposed by Fama is considered a central premise to explain market functioning. Current research tests the stock returns behaviour of Shar¯ı‘ah-compliant Karachi Stock Exchange Meezan Index (KMI 30) under weak form efficiency. Based on the nature of data, i.e. time series, both linear and non-linear techniques are employed to assess market efficiency. The study results portray that KMI-30 is an inefficient market, and there is dependence in the series.
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