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Volume :29 Issue : 109 2003      Add To Cart                                                                    Download

The Seasonal Characteristics of Stock Returns in The Kuwaiti Stock Market

Auther : Nabeel Essa Al_Loughani

     This paper explores the possibility that stock returns are higher in some months than in others.  The initial analysis of the sample data indicates that stock return movements are not random and that stock returns tend to increase (decrease) during months preceded by months that witnessed increases (decreases) in returns.  The results also show that stock returns are higher in January, July, August and September than in March, November and December.  High return months may be the months in which local investors rebalance their international equity portfolios or the months witnessing their return from vacation.  Lower return months may be the months following dividend distribution or the months in which companies put pressure on their stock prices to achieve higher yields, or the months in which large bank debtors put pressure on stock prices to induce the Government to reform its Debt Program.

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