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Volume :24 Issue : 95 1999      Add To Cart                                                                    Download

TESTING THE EFFICIENCY OF AN EMERGING STOCK MARKET USING TRADING RULES: THE CASE OF KUWAIT

Auther : Dr. Nabeel E. Al-Loughani and Dr. Imad A. Moosa

 

In this paper, we test efficiency of the Kuwaiti Stock Market using a moving average trading rules as applied to a weekly time series of stock prices. We obtain results indicating that performance of the trading rule depends crucially on the length of the moving average and that short moving average rules outperform a buy and hold strategy. This finding is interpreted to imply that the market is inefficient.

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