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Stock exchange plays crucial role in economic development a country. Contemplation among various macroeconomic indicators was established by utilizing, 1975-2018 annual time series data. In this study Gross Domestic Product is used as the regress and while, Inflation, Foreign Direct Investment, Money Supply and Exchange Rate are used as regressors, and KSE price index is used as an indicator of Stock exchange price.. Base on the unit root results tested by utilizing the ADF test, the study adopt the ARDL co-integration as the estimation technique for empirical investigation. The conclusion state that GDP is negatively correlated to the Exchange Rate and Foreign Direct Investment whereas the positive correlation is observed with Inflation and Money Supply.

Dr. Hina Ali, Dr. Saadia Irshad. (2019) Exploring the Relationship between Stock Exchange Prices and Macroeconomic Indicators in Pakistan: An Application of ARDL Approach, Orient Research Journal of Social Sciences, Volume 4, Issue 2.
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