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首页> 外文期刊>International Journal of Accounting and Economics Studies >Impact of gold prices on stock exchange market: a case of Karachi stock exchange market of Pakistan
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Impact of gold prices on stock exchange market: a case of Karachi stock exchange market of Pakistan

机译：黄金价格对证券交易市场的影响：以巴基斯坦卡拉奇证券交易市场为例

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The objective of the study is to examine the long-term relationship between gold prices and KSE-100 index of the Karachi stock market Pakistan. For the foreign and domestic capital investors, it is assumed that the gold is the safest heaven for making investment. On the other handstock markets are considered highly volatile. This study uses monthly data of two hundred forty eight months from October 1993 to May 2014. Time-series data of both variables Karachi Stock Exchange 100 index (KSE-100) and gold prices have been collected from the official website of Karachi stock market and Forex.com. To achieve the aims of the study, several econometric tests have been applied such as unit root test by using Augmented Dickey-Fuller test, Johnson Co-integration test and Vector Auto-regressive Model (VAR). This study finds that there is no long-run relationship between KSE 100 index and gold prices. It is concluded investors should not consider KSE 100 index and gold prices as close alternatives rather they should make their decisions on subjective knowledge by aligning them with empirical evidence. While making decisions about gold prices last month’s price must be taken into consideration because current gold price is significantly influenced by last month’s gold price. Whilst making decision regarding KSE 100 index last two months’ fluctuations taken into consideration.
机译：该研究的目的是检验巴基斯坦卡拉奇股票市场的金价与KSE-100指数之间的长期关系。对于外国和国内资本投资者而言，人们认为黄金是进行投资的最安全天堂。另一方面，股票市场被认为是高度波动的。本研究使用了1993年10月至2014年5月的248个月的月度数据。卡拉奇证券交易所100指数（KSE-100）和黄金价格的时间序列数据均从卡拉奇股票市场的官方网站和Forex.com。为了达到研究的目的，已经应用了多种计量经济学检验，例如使用增强Dickey-Fuller检验，Johnson协整检验和矢量自回归模型（VAR）的单位根检验。这项研究发现，KSE 100指数与金价之间没有长期关系。结论是，投资者不应将KSE 100指数和黄金价格视为替代方案，而应通过将其与经验证据相结合来做出主观知识的决定。在做出有关金价的决定时，必须考虑上个月的价格，因为当前的金价受到上个月的金价的显着影响。在做出有关KSE 100指数的决定时，要考虑到最近两个月的波动。

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