CEMENT :

Table 1 shows that on Monday , Tuesday , Wednesday , Thursday the returns are negative and on Friday
the returns are positive .

Table 2 : in table 2 the previously significant returns on Monday and Wednesday disappeared but the
significant negative returns on Tuesday and Thursday still remains . The previously positive significant
returns on Friday still exist in table 2 also .

Table 3 : In table 3 the significant returns of table 2 still remain significant even after the incorporation
of risk factor .

After the incorporation of risk factor the significance level of Thursday and Friday gone down indicating
that the day of the week effect become slightly less pronounced . But the significance level on
Tuesday gone up indicating that the day of the week effect become slightly more pronounced .

FERTILIZER :

TABLE 1 : Table 1 shows that on Monday , Tuesday and Wednesday the returns are negative and on
Friday the returns are positive

Table 2:

In table 2 the previously significant returns on Monday , Tuesday and Wednesday disappeared. Although
previously insignificant returns on Thursday become significant. Previously positively significant returns
on Friday still exist in the table 2 also.

the previously significant returns in table 2 are still significant in table 3 .

After the incorporation of risk factor the significance level on Friday improved slightly in table 3 that
shows the day of the week effect become slightly more pronounced. But the significance level
on Thursday gone down indicating that the day of the week effect become less pronounced .

Chemicals:

Table 1 shows that on Monday , Tuesday , Wednesday and Thursday the returns are negative and on
Friday the returns are positive.

In table 2 the previously significant returns Tuesday disappeared but previously significant returns of
Monday , Wednesday , Thursday and Friday still remain significant.

In table 3 Previously significant returns on Wednesday in table be insignificant while all the other
previously significant day in table 2 are still significant in table 3 .

The significance level on Thursday and Friday gone down due to which day of the week effect be less
pronounced. But the significance level on Monday improved slightly that shows us the day of
the week effect become more pronounced.

Cemercial banks
TABLE 1 : Table 1 shows that on Monday , Tuesday and Wednesday the returns are negative and on
Friday the returns are positive

Table 2:

In table 2 the previously significant returns on Monday , Tuesday and Wednesday disappeared. Although
previously insignificant returns on Thursday become significant. Previously positively significant
returns on Friday still exist in the table 2 also.

previously significant returns in table 2 are still significant in table 3 .

After the incorporation of risk factor the significance level on Friday improved slightly in table 3 that
shows the day of the week effect become slightly more pronounced. But the significance level
on Thursday gone down indicating that the day of the week effect become less pronounced .

Insurance

Table 1 shows that on Tuesday and Wednesday the returns are negative and on Friday the returns are
positive

In table 2 the previously significant returns on Wednesday disappeared. Although previously significant
returns on Thursday still remain significant in table 2 also . Previously positively significant
returns on Friday still exist in the table 2 also.

The previously significant returns in table 2 are still significant in table 3 .

The significance level on Tuesday and Thursday gone down due to which day of the week effect be less
pronounced. But the significance level on Friday improved slightly that shows us the day of the
week effect become more pronounced.

Investment banks

Table 1 shows that on Tuesday and Thursday the returns are negative and on Friday and the returns are
positive

In table 2 the previously insignificant returns on Monday become significant. Although previously
significant returns on Tuesday and Thursday still remain significant in table 2 also . Previously
positively significant returns on Friday still exist in the table 2 also.

The previously significant returns in table 2 are still significant in table 3 .

The significance level on Monday, Thursay and Friday gone down due to which day of the week effect be
less pronounced. But the significance level on Tuesday improved slightly that shows us the day
of the week effect become more pronounced.

Oil and gas

Table 1 shows that on Friday and the returns are positive

In table 2 the previously insignificant returns on Thursday become significant. Although Previously
positively significant returns on Friday still exist in the table 2 also.

The previously significant returns in table 2 are still significant in table 3 .

The significance level on Thursay gone down due to which day of the week effect be less pronounced.
But the significance level on Friday improved slightly that shows us the day of the week effect
become more pronounced.

Refinery

Table 1 shows that on Tuesday the returns are negative and on Friday the returns are positive .

Table 2 : the significant negative returns on Tuesday still remains . The previously positive significant
returns on Friday still exist in table 2 also . Previously insignificant returns on Thursday become
significant in table 2

Table 3 : In table 3 the significant returns of table 2 still remain significant except Thursday even after
the incorporation of risk factor .

After the incorporation of risk factor the significance level on Tuesday and Friday gone up indicating that
the day of the week effect become slightly more pronounced .

Technology

Table 1 shows that on Monday , Tuesday , Thursday the returns are negative and on Friday the returns
are positive .

Table 2 : in table 2 the previously significant returns on Monday and Wednesday disappeared but the
significant negative returns on Tuesday and Thursday still remains . The previously positive significant
returns on Friday still exist in table 2 also .
Table 3 : In table 3 the significant returns of table 2 still remain significant even after the incorporation
of risk factor .

After the incorporation of risk factor the significance level of Thursday and Friday gone down indicating
that the day of the week effect become slightly less pronounced . But the significance level on Tuesday
gone up indicating that the day of the week effect become slightly more pronounced .