The paper provides an updated evidence of the linkage between stock market and macroeconomic factors in Pakistan. The sample period is from January 2011 to November 2017. Macroeconomic variables used are money supply, exchange rate, treasury bill rate, inflation and industrial production. Generalized autoregressive conditional heteroscedasticity (GARCH) models have been used to examine the impact of macroeconomic factors on stock market return and stock market volatility. Findings suggest that macroeconomic factors have an impact on stock market volatility. The fluctuations in inflation and money supply negatively influence the volatility of stock market returns. In contrast, industrial production positively affects the fluctuations of stock market returns. The findings are important for shareholders, investors, regulatory authorities and policymakers.

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宏观经济不确定性和股市不确定性：来自巴基斯坦的一些进一步证据

该文件提供了巴基斯坦股票市场与宏观经济因素之间联系的最新证据。样本期为 2011 年 1 月至 2017 年 11 月。使用的宏观经济变量是货币供应量、汇率、国库券利率、通货膨胀和工业生产。广义自回归条件异方差 (GARCH) 模型已被用于检验宏观经济因素对股市收益和股市波动的影响。研究结果表明，宏观经济因素对股市波动有影响。通货膨胀和货币供应量的波动对股市收益的波动性产生负面影响。相反，工业生产对股市收益的波动有正向影响。调查结果对股东、投资者、