Linkage between US Financial Uncertainty and Stock Markets of SAARC Countries

AZIZ, Tariq,MARWAT, Jahanzeb,MUSTAFA, Sheraz,ZEESHAN, Asma,IQBAL, Yasir Korea Distribution Science Association 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.2

The primary purpose of the study is to investigate the volatility spillover from financial uncertainty (FU) of the United States (US) to the stock markets of SAARC member countries including India, Sri-Lanka, Pakistan, and Bangladesh. The empirical literature overlooked SAARC countries and the FU index. Based on the estimation method, the data of FU is available for three different forecast horizons including 1-month, 3-months, and 12-months. For empirical analysis, monthly data is used from February 2013 to September 2019. EGARCH model is employed to investigate the volatility spillover effects. The findings of the study show that the spillover effect of FU varies with the forecast horizon. The FU with a higher forecast horizon has a significant spillover effect on more countries. The spillover effect of US financial uncertainty is negative in most of the SAARC countries. Bangladesh stock market is influenced by FU with all three forecast horizons whereas the volatility of the Pakistan stock market is not influenced by FU with any forecast horizon. The findings are consistent with the concept of "limited trade openness" in the financial markets of emerging economies. The emerging economies avoid financial market openness to minimize the risk of spillover of other countries.

Do Islamic Stock Markets Diversify the Financial Uncertainty Risk? Evidence from Selected Islamic Countries

AZIZ, Tariq,MARWAT, Jahanzeb,ZEESHAN, Asma,PARACHA, Yaser,AL-HADDAD, Lara Korea Distribution Science Association 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.3

The study investigates the diversification behavior of Islamic stocks against US financial uncertainty. Considering limitations found in the literature, a comprehensive index of financial uncertainty (FU) is used, developed by Jurado, Ludvigson, and Ng (2015). The empirical analysis uses monthly data from four Islamic markets - Saudi Arabia, Malaysia, Indonesia, and Turkey - for the period from January 2010 to September 2019. Results of the bivariate EGARCH models show that Islamic stocks can be used for diversification purpose against the financial uncertainty of the US because the volatility of US uncertainty does not propagate in the Islamic stock markets. Moreover, findings show that the spillover effect of financial uncertainty varies with the FU forecast horizon. The spillover effect of FU increases with an increase in the FU forecast horizon and becomes significant over 3-month and 12-month periods in the case of Saudi Arabia. The current volatility of Islamic stock returns is independent of the size of shocks in past volatility. The leverage effect and asymmetry have been found in Saudi Arabia and Malaysia. The findings validate the arguments of the literature that Islamic markets are resilient facing uncertainties and perform well during crisis periods. The findings are important for investors in making better portfolio decisions.

The epoxy resin system: function and role of curing agents

Aziz Tariq,Haq Fazal,Farid Arshad,Cheng Li,Chuah Lai Fatt,Bokhari Awais,Mubashir Muhammad,Tang Doris Ying Ying,Show Pau Loke 한국탄소학회 2024 Carbon Letters Vol.34 No.1

Curing agents are critical components of aqueous epoxy resin systems. Unfortunately, its uses and applications are restricted because of its low emulsifying yields. Epoxy resins are frequently used in electrical devices, castings, packaging, adhesive, corrosion resistance, and dip coating. In the presence of curing agents, epoxy resins become rigid and infusible. Eco-friendliness and mechanical functionality have emerged as vulcanization properties. Curing agents are used for surface modification, thermodynamic properties, functional approaches to therapeutic procedures, and recent advances in a variety of fields such as commercial and industrial levels. The curing agent has superior construction and mechanical properties when compared to the commercial one, which suggests that it has the potential for use as the architectural and industrial coatings. The thermal stability of cured products is good due to the presence of the imide group and the hydrogenated phenanthrene ring structure. Over the course of the projection period, it is anticipated that the global market for curing agents will continue to expand at a steady rate. The growth of the market is mainly driven by its expanding range in future applications such as adhesives, composites, construction, electrical, electronics, and wind energy. This review focused on the most recent advancements in curing techniques, emphasizing their thermal and mechanical properties. The review also presents a critical discussion of key aspects and bottleneck or research gap of the application of curing agents in the industrial areas. Similar content being viewed by others Curing agents are critical components of aqueous epoxy resin systems. Unfortunately, its uses and applications are restricted because of its low emulsifying yields. Epoxy resins are frequently used in electrical devices, castings, packaging, adhesive, corrosion resistance, and dip coating. In the presence of curing agents, epoxy resins become rigid and infusible. Eco-friendliness and mechanical functionality have emerged as vulcanization properties. Curing agents are used for surface modification, thermodynamic properties, functional approaches to therapeutic procedures, and recent advances in a variety of fields such as commercial and industrial levels. The curing agent has superior construction and mechanical properties when compared to the commercial one, which suggests that it has the potential for use as the architectural and industrial coatings. The thermal stability of cured products is good due to the presence of the imide group and the hydrogenated phenanthrene ring structure. Over the course of the projection period, it is anticipated that the global market for curing agents will continue to expand at a steady rate. The growth of the market is mainly driven by its expanding range in future applications such as adhesives, composites, construction, electrical, electronics, and wind energy. This review focused on the most recent advancements in curing techniques, emphasizing their thermal and mechanical properties. The review also presents a critical discussion of key aspects and bottleneck or research gap of the application of curing agents in the industrial areas. Similar content being viewed by others

Correction: The epoxy resin system: function and role of curing agents

Aziz Tariq,Haq Fazal,Farid Arshad,Chengliang Xiao,Chuah Lai Fatt,Bokhari Awais,Mubashir Muhammad,Tang Doris Ying Ying,Show Pau Loke 한국탄소학회 2024 Carbon Letters Vol.34 No.3

Curing agents are critical components of aqueous epoxy resin systems. Unfortunately, its uses and applications are restricted because of its low emulsifying yields. Epoxy resins are frequently used in electrical devices, castings, packaging, adhesive, corrosion resistance, and dip coating. In the presence of curing agents, epoxy resins become rigid and infusible. Eco-friendliness and mechanical functionality have emerged as vulcanization properties. Curing agents are used for surface modification, thermodynamic properties, functional approaches to therapeutic procedures, and recent advances in a variety of fields such as commercial and industrial levels. The curing agent has superior construction and mechanical properties when compared to the commercial one, which suggests that it has the potential for use as the architectural and industrial coatings. The thermal stability of cured products is good due to the presence of the imide group and the hydrogenated phenanthrene ring structure. Over the course of the projection period, it is anticipated that the global market for curing agents will continue to expand at a steady rate. The growth of the market is mainly driven by its expanding range in future applications such as adhesives, composites, construction, electrical, electronics, and wind energy. This review focused on the most recent advancements in curing techniques, emphasizing their thermal and mechanical properties. The review also presents a critical discussion of key aspects and bottleneck or research gap of the application of curing agents in the industrial areas.

Impact of Economic Policy Uncertainty and Macroeconomic Factors on Stock Market Volatility: Evidence from Islamic Indices

AZIZ, Tariq,MARWAT, Jahanzeb,MUSTAFA, Sheraz,KUMAR, Vikesh Korea Distribution Science Association 2020 The Journal of Asian Finance, Economics and Busine Vol.7 No.12

The primary purpose of the study is to investigate the volatility spillovers from global economic policy uncertainty and macroeconomic factors to the Islamic stock market returns. The study focuses on the Islamic stock indices of emerging economies including Indonesia, Malaysia, and Turkey. The Macroeconomic factors are industrial production, consumer price index, exchange rate. EGARCH model is employed for investigation of volatility spillovers. The results show that the global economic policy uncertainty has a significant spillover effect only on the returns of Turkish Islamic stock index. Similarly, the shocks in macroeconomic factors have little influence on the volatility of Islamic indices returns. The volatility of Indonesian and the Turkish Islamic stock indices returns is not influenced from the fluctuations in macroeconomic factors. However, there is significant volatility spillover only from industrial production to the returns of Malaysian Islamic index. The results suggest that the Islamic stock markets are less likely to influence from the global economic policies and macroeconomic factors. The stability of Islamic stocks provide opportunity for diversification of portfolios, particularly in stressed market conditions. The major price factors of Islamic markets could be firms' specific factors or investors' behaviors. The findings are helpful for policy makers and investors in formulating policies and portfolios.

Reassessment of Volatility Transmission Among South Asian Equity Markets

Tariq AZIZ,Jahanzeb MARWAT,Sheraz MUSTAFA,Vikesh KUMAR,Lara AL-HADDAD 한국유통과학회 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.1

This study investigates the nexus among the South Asian economies. Effects of shocks in the equity market of one country on the equity market of the other country are examined. For empirical analysis, the time series monthly data is used for the period from February 2013 to August 2019. The study focuses on the four larger economies of the region, namely, India, Bangladesh, Pakistan, and Sri Lanka. To investigate for asymmetric effects of positive and negative shocks, EGARCH model is used. The findings show the mix nature of the spillovers between the various pairs of countries. The equity market of Pakistan has two-way spillover effects with the equity market of Bangladesh, but has no association with the equity markets of India and Sri Lanka. The volatility in the equity market of India significantly influences the volatility of the financial markets of Bangladesh and Sri Lanka. Similarly, the capital market of Sri Lanka has a negative association with the equity market of India as well as Bangladesh, but does not affect the equity market of any other country. These findings validate the argument in the literature that geographic location influences the nexus among equity markets. The findings are important for policy-makers and investors

The Impact of Geopolitical Risk on Financial Conditions of Emerging Economies

Namarta Kumari BAJAJ(Namarta Kumari BAJAJ ),Tariq AZIZ(Tariq AZIZ ),Sonia KUMARI(Sonia KUMARI ),Marim ALENEZI(Marim ALENEZI ),Naif Mansour MATHKUR(Naif Mansour MATHKUR ) 한국유통과학회 2023 The Journal of Asian Finance, Economics and Busine Vol.10 No.1

The detrimental impacts of financial instability on the world economy during the financial crisis highlighted the requirement to understand the existing financial circumstances. Stability and developments in financial conditions are important for economic prosperity. This study analyses the impact of geopolitical risk on the economic conditions of some specific emerging economies using monthly data from January 1999 to September 2016 by applying a fixed-effects panel data model. The estimation results demonstrated that geopolitical risk has a significant, negative impact on financial conditions. It shows geopolitical risk could be seen as a key factor that contributes towards financial conditions. Further, it implies that negative shocks of high geopolitical risk experienced by emerging economies are one of the primary reasons for the financial conditions’ deterioration. The findings provide important insights for governments, policymakers, and investors. For instance, governments and politicians should refrain from expressing or producing tension, economic discomfort, or news that is likely to increase a high geopolitical risk. Maintaining a close eye on geopolitical risk and its sources may also help to stabilize financial conditions and develop a well-functioning financial system. As a result, investors would be better informed about an economy’s economic and financial conditions, allowing them to diversify their international portfolios and devise investing strategies during uncertain economic times.

Zinc Requirement for Optimum Grain Yield and Zinc Concentration Depends on Phosphorus Application to Wheat Cultivars

Waqas Khan,Tariq Aziz 한국토양비료학회 2014 한국토양비료학회 학술발표회 초록집 Vol.2014 No.6

(∈, ∈ Vqk)-FUZZY IDEALS IN LEFT REGULAR ORDERED LA-SEMIGROUPS

Faisal Yousafzai,Waqar Khan,Tariq Aziz,Asghar Khan 호남수학회 2013 호남수학학술지 Vol.35 No.4

We generalize the idea of (2; 2 _qk)-fuzzy ordered semi-group and give the concept of (2; 2 _qk)-fuzzy ordered LA-semigroup. We show that (2; 2 _qk)-fuzzy left (right, two-sided) ideals, (2;2_qk)-fuzzy (generalized) bi-ideals, (2; 2 _qk)-fuzzy interior idealsand (2; 2 _qk)-fuzzy (1; 2)-ideals need not to be coincide in an or-dered LA-semigroup but on the other hand, we prove that all these(2;2 _qk)-fuzzy ideals coincide in a left regular class of an orderedLA-semigroup. Further we investigate some useful conditions foran ordered LA-semigroup to become a left regular ordered LA-semigroup and characterize a left regular ordered LA-semigroupin terms of (2; 2 _qk)-fuzzy one-sided ideals. Finally we connectan ideal theory with an (2; 2 _qk)-fuzzy ideal theory by using thenotions of duo and (2;2 _qk)-fuzzy duo.

Foliar Application of Potassium Mitigates Negative Impact of Water Deficit Stress and Improves Physiological Growth of Mungbean (Vignia Radiata)

Nauman Shahzad,Shamsa Kanwal,Tariq Aziz,Muhammad Maqsood 한국토양비료학회 2014 한국토양비료학회 학술발표회 초록집 Vol.2014 No.6