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Shari’a compliant stocks are a recent development under Islamic finance, whereby stocks are screened through Shari’a compliance filters. This study is conducted to understand and document the important monetary factors contributing in determining stock prices of Shari’a compliant companies in Pakistan. Our sample includes all 97 non-financial Shari’a compliant companies screened by Al-Meezan Investment Management Ltd, based on accounting results of 2009. We have included ten macroeconomic variables in addition to market index in our study over a ten-year period (2001-10). We use JJ cointegration and OLS regression. Results identified the four important variables including interest rate, exchange rate, foreign direct investment and market index contributing in stock returns’ variations of Shari’a compliant securities. Evidence favors multifactor model for pricing of securities at KSE.

Causality among Stock Market and Macroeconomic Factors: A Comparison of Conventional and Islamic Stocks