The global financial crisis which affected the world economy by the end of 2007 caused extreme volatility and turbulence in the stock market. According to Rudd (2009) global equity markets have lost approximately US$32 trillion in value since their peak. Before the global financial crisis, the investment trend was focused towards the stock market where investors kept a constant eye on rising and falling shares as it was a source of yielding significant returns to investors. Investment in shares has also been a source of finance for fulfilling firm requirements such as expansion and diversification. It is a generally accepted phenomenon that investors are risk averse and the volatility of their investments cause great concern to them as it is a measure of the intensity of risk they bear.