This study examines market efficiency in the light of the simple moving average technical trading rules on daily closing share prices of 100 companies listed on Pakistan Stock Exchange over ten years from 2006 to 2015. The results show strong support for simple moving average rules having both predictability and profitability for PSX. It refers that the returns from these rules are not same as investors earn from a naïve buy and hold strategy. The uses of these simple moving average rules produce abnormal returns to investors and hence nullify the weak form of efficiency on PSX.

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The study examined National Holiday Anomaly in Pakistani Stock Market. Specifically KSE 100 index data has been used by this study. The data of ten years (2004-2013) has been considered in order to check holiday anomaly. T-Test is used to check the presence of holiday anomaly. The study investigated holiday anomaly for each individual national holiday, each individual year and whole data sample. The results of all the three cases are insignificant suggesting the absence of National Holiday Anomaly in Pakistani Stock Market. The absence of such anomaly may be due to the nature of these holidays. As these holidays are not surrounded by any such activity which can affect the decision process of investors. Therefore based on the evidence provided by this examination the study can say that National Holiday Anomaly does not exist in Pakistani factors which need to be considered in order to understand Pakistani Stock Market in detail