“…Studies conducted in past analyzed market efficiency using multiple tests in different contexts and found conflicting results both in favor (Al-Faryan and Dockery, 2020;Alkhazali, 2011;Al-Khazali et al, 2014;Asiri, 2008;Grieb and Reyes, 1999;Hassan, 2002;Hoque et al, 2007;Ojah and Karemera, 1999;Moustafa, 2004;Venkatesan, 2010) and against the EMH (Barnes, 1986;Darrat and Benkato, 2003;Darrat and Zhong, 2000;Fernando and Gunasekara, 2018;Omran and Farrar, 2006;Poshakwale, 2002;Squalli, 2006;Urrutia, 1995). Interestingly studies found contrasting results for same markets in different time periods, for example, Indian National Stock Exchange was efficient (Venkatesan, 2010) and inefficient (Shafi, 2014).…”