Abstract

Objectives: The study aims to find out whether the daily returns of the general indicator in both the Iraq Stock Exchange (ISX60), the Kuwait Stock Exchange index (BK50) and the Amman Stock Exchange indicator (ASE General) move randomly and independently during the study period from January 1, 2022 to July 1, 2024. Methods: The study used non-parametric techniques in testing the random walk hypothesis, including the variance ratio tests, self-correlation tests, unit root tests by Phillips- Perron test and run tests. Results: The study reached that the financial markets under study are incompetent, with the exception of the Kuwait Stock Exchange, according to Base on run test results providing an opportunity to achieve abnormal profits by investors using past data. Conclusion: The study suggested that financial bodies embody the principles of governance, disclosure and transparency in providing information to the investor audience at once to provide an equal opportunity for everyone in order to make rational decisions.