Abstract:

Currency rates are one of the important factors that influence the decision-making and implementation processes of all companies, including companies with major export and import transactions. The exchange rate sensitivity of the invited companies is also shaped according to the sector in which they operate. In this regard, in the study of the exchange rate impact, the characteristics of the industry within the companies are also of great importance. In this study, it is intended to examine the relationship between the stock exchange rates and the stock exchange rates for the period 03/01/2011-26/05/2016. In this regard, the study used daily data on the BIST 100 Index and 23 sector stock index and the currency rates of the Dollar/TL and Euro/TL. The long-term relationship between the series that are determined to be stable at different levels is studied with the ARDL model. The results of the analysis showed that from the 24 indicators included in the study, only the BIST Textile Skin Index and the Euro/TL currency currency and the USD/TL currency and the BIST Textile Skin, Trade and Technology indicators have a long-term relationship. There is a short-term negative and a long-term positive relationship between the currency rates and the three indicators. In addition, the Toda-Yamamoto causality test found that more traditional theory was valid in the Stock Exchange Istanbul index.

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