Abstract:

The purpose of this study is to determine whether the basic economic factors are related to the stock prices in Turkey. In addition to identification of this relation, it is also aimed to determine whether these rations are reciprocal. In this study, multiple linear regression method, Granger Causality test and monthly data between 20082012 are applied. As a dependent variable, Borsa Istanbul Stock Exchange (BIST100) representing stock prices and as independent variables, deposit interest rate, consumer price index, US dollar exchange rate, euro exchange rate, unemployment rate, industrial production index, export amount, capacity utilization rate, gold prices, consumer confidence index and crude oil prices are used. The results of the multiple linear regression analysis show that deposit interest rate, consumer price index, US dollar exchange rate, capacity utilization rate and consumer confidence index have impacts on the BIST-100 Stock Exchange. Besides, the results of the Granger Casuality test show that deposit interest rate and capacity utilization rate have reciprocal relations with the BIST-100 Stock Exchange.

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