Abstract:

The aim of this study was to examine the effect of the period 1997M1-2016M5 stock return of oil and gold prices. Johansen-Juselius Cointegration study, Impulse Responses, variance decomposition and Granger causality analysis were used.The analysis results in the of one unit increase in the price of oil has created a decrease of 1,516 units BIST100 stock returns, in other hand of one unit increase in the price of gold has created a increase of 0.455 units BIST100 stock returns. In other words a negative correlation between oil prices and BIST100 , positive relationship between gold prices with BIST100 have been identified. is also a result of the causality analysis were identified two way relationship between oil prices and BIST100. Gold prices are among the statistical BIST100 stock returns that as there was no causation

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