Day of the Week Anomaly and Market Efficiency: Evidence from KSE-Pakistan
Hassan Raza, Syed Asim Shah, AsadSaleem Malik

Abstract
This paper investigates the Day of the Week Effect in the Pakistan stock market over the recent period from 1997- 2014. Data has been analyzed in the light of EMH theory. The salient feature of the theory is that still this theory has much supporter than any other theory has in finance. The findings reveal that these anomalies appeared and then disappeared from the Karachi stock market as priced by the arbitrageurs. The disappearance and reappearance of calendar anomalies have practical implication for the trading behavior of investors.

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