On the other hand, the results for the TGARCH(1,1) model (table 11) shows that the p-value of the both the ARCH and GARCH effects is close to zero. This indicates the p-value is significant because the p-value has been less than the critical value at 95% confidence interval. Therefore, we should reject the null hypothesis. However, it should be noted that the threshold component in the model has been significant which indicates that the bad news indicating negative shocks effect the conditional variance in larger way that the good news indicating positive shocks. However, an important condition of TGARCH model is that parameters should be positive but the results show that the threshold component is negative. Thus, this is not a good fit model.