Özet:

The phenomenon of uncertainty is a phenomenon created by the unknown of the future. While the full prediction of economic factors is defined as full efficient market, both political and natural unpredictable phenomena lead to uncertainty in economic factors and thus unpredictability. The risk factor can have both high profit and great loss for the investor. The uncertainty index and based on the US economy developed by Baker et al. provides investors with the opportunity to take positions on a global scale. In the study, the relationship between uncertainty index Stock İstanbul 100 index was investigated on symmetric and asymmetric dimensions. According to the results of the study, symmetrical relations between two variables could not be detected, but asymmetric relations were found. In asymmetric relations, positive and negative shocks in the uncertainty affect the stock index in the long run. Accordingly, the increase in uncertainty creates a substitution effect towards different instruments by triggering exits from the stock market. In other words, global adversities negate BİST100 with diffusion effects. On the other hand, improvements on a global scale contribute positively to the stock market. 

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