The Impact of Macroeconomic Variables on Stock Prices: A Case Study of Karachi Stock Exchange

Investment decisions are highly influenced by macroeconomic variables as changes in macroeconomic variables effect stock markets differently according to the country economic conditions and government policies. The study contributes by determining the effect of various macroeconomic variables on stock prices of Pakistan by analyzing the monthly data from May 2000 - August 2016. As all the variables are stationary at first difference thus ideal ARDL approach of bound testing is applied to check the short term and long term cointegration of the macroeconomic variables on stock prices. The findings suggest that stock prices of Karachi Stock Exchange in long term are significantly affected by money supply, exchange rate, and interest rate. In short term all the variables are insignificant except exchange rate which is negatively cointegrated with stock prices. The central bank shall be vigilant while changing the money supply in market because too much increase in money supply could effect investment as well as stock market. The regulator should keep interest rate relatively low to encourage economic activities, improve external economic environment through rule based exchange rate policy and avoid discretionary measures. Keywords: Karachi Stock Exchange, Macroeconomic variables, Time series analysis, KSE-100 index, Cointegration, ARDL, Bound testing approach.

Impact of Energy Crisis on Economic Growth of Pakistan

Energy plays vital role in growth of any economy. The study relates energy consumption with economic growth for Pakistan based on the sample data taken for the period of 1982-2011. Energy consumption is taken as independent and GDP as dependent variable. Data is analyzed through descriptive statistics, correlation and regression tests. Descriptive statistics gives general summary and features of the data. Correlation results show the variables are strongly related to each other. While regression shows that if energy consumption increases by 1 kilo ton of oil equivalent, the GDP will increase by $2.517 million. These results identify how important energy consumption is for the economic growth of Pakistan. Government of Pakistan should focus on utilization of energy resources which in turn will smooth the way for economic growth

Frequency of Impacted Third Molar in Mandibular Angle Fractures in Patients Presenting to Ayub Teaching Hospital

Mandibular fractures are one of the commonest maxillofacial injury. Fractures take place at various locations. Mandibular angle fracture susceptibility in addition to being associated to the type and direction of impact is also associated with impacted 3rd molar.The objective of the study is to determine the frequency of impacted third molar in mandibular angle fracture.This descriptive cross-sectional study was performed for a period of six months on one hundred and twenty-two patients with mandibular. OPG was done to determine the state of 3rd molar tooth. The states of 3rd molar tooth along with its inclination were noted on a proforma.The frequency of 3rd molar impaction in fractures of angle of mandible was 36.1%. Young age (less than 31 years in this study) was significantly associated with development of impacted 3rd molar tooth (p < 0.05).Individuals with impacted 3rd molar should be educated about the possibility of the fracture of mandibular angle so that preventive measures can be adopted

Globalization and Economic Growth: Evidence from Pakistan

The globalization process has positives as well as negative impacts on any society, which differ from country to country. The negative effects can be countered by adopting the policies that contribute in economic development.  This study attempts to review the long-run relationship of economic growth and globalization in Pakistan from the years 1980-2009  by employing the time series data, co-integration and error correction technique are use to determine the long run effect of globalization on economic growth. The results indicate that globalization can be a useful tool for economic growth for a developing country like Pakistan

An analysis of the asymmetric impact of exchange rate changes on G.D.P. in Pakistan: application of non-linear A.R.D.L.

Exchange rate fluctuations play a vital role in influencing macro- economic variables including economic growth via the channels of net exports and investments. This study claims to be the first in assessing the asymmetric effect of exchange rate fluctuations on G.D.P. in Pakistan whose currency had the title of‘worst currency of South Asia’in 2018 after more than 20% depreciation in just three months. In this study, we employ a recently developed technique of Non-linear A.R.D.L. by Shin, Yu, and Greenwood-Nimmo (2014) to test for possible asymmetric effect of exchange rate on G.D.P. along with the proxies of fiscal and monetary policies. Both A.R.D.L. and N.A.R.D.L. are applied on annual data range from 1972 to 2014. The results of A.R.D.L. are found poor and co-integration relationship lost when the assumption of symmetry is taken into consideration. On the contrary, Non-linear A.R.D.L. technique carry more rich information related to the issue at hand and co-integration relationship is confirmed. From the results we found that week currency hurts G.D.P. growth, while strong currency adds to growth. Besides these, we confirm asymmetric impact of exchange rate on G.D.P. growth in Pakistan and find the evidence of short-run, long-run and adjustment asymmetry. To achieve the objective of sustained growth, exchange rate management should focus to restore stability and go for more strong currency in Pakistan. Future research needs to consider capital flows and exchange rate regimes in the form of‘Sudden Stop hypothesis’ when investigating the asymmetric impact of exchange rate

Importance of training and its effect on employee performance and organization commitment: Study of textile sector.

Employees are vital assets of any organization. Their constant “maintenance” in terms of training is as important as periodic repair and maintenance of other assets of the organization like machinery etc. This study was conducted with a set of hypothesis to find out the impact of training on employee performance and organization commitment in the textile sector of ‘Khyber-Pakhtunkhwa”. The collection of data was through questionnaires and results showed that there is positive effect of training on employee performance and organization commitment. Study concludes that if an organization invests in employee trainings then it will obviously enhance employee performance and organization commitment. These directly contribute to higher outputs at all levels of the organization. In addition, training is also helpful for  employees to deal with constant technological innovation, organization restructuring and market competition

The Relationship between Iron Deficiency Anemia and the Incidence of Febrile Convulsions

OBJECTIVES To determine the role of iron deficiency anemia in patients with febrile convulsions in the 06 to 60 months in a tertiary care hospital.METHODOLOGY This cross-sectional study was undertaken at Ayub Teaching Hospital, Abbottabad, from January 2020 to February 2022. Patients with typical and atypical febrile seizures were recruited for the study, while patients with neurodegenerative diseases, meningoencephalitis, epilepsy, trauma, nephritic syndrome, and hypertensive seizures were excluded from the study. Iron deficiency was identified concerning a complete blood count. The data were analyzed in SPSS version 21, and the significance value was kept at < 0.005.RESULTSIn the present study, 102 patients were enrolled. The mean age of the sample was 15 months, with an age range of 6-54 months. The male-to-female ratio was 2:1. The mean haemoglobin (HB) of the sample observed was 9.9±1.9, mean corpuscular volume (MCV) 73±13, red cell distribution width (RDW) 16±7.9 white cell count (WBC) 12.9±7.1 and platelets of 312±180. The use of cow milk in febrile seizures was 41%, and only 33% of parents were unaware of proper milk dilution. CONCLUSION We concluded that patients with atypical febrile seizures and those with seizures more than once have a significantly higher degree of iron deficiency anemia than those with typical febrile seizures. Moreover, the group with prolonged seizures has severe anemia compared to the group with brief seizures