Özet:

There are many macroeconomic factors which affect stock prices such as inflation, interest rates, exchange rate, industrial production index, current account balance, gold prices One of these factors is oil prices. Oil prices on the one hand affect our countrys economy and real markets, on the other hand affect our countrys financial markets and trading financial instruments in these markets. Accordingly, as a main financial instrument, stock is sensitive to oil price. In this contex, examination of relationship between oil prices and stock prices in our country helps that this relationship is understood much beter. In this paper, the relationship between oil prices and BIST 100 index closing prices is examined by using daily data for January 2003 February 2014 time period. As a method Granger cointegration test and Granger causality test are employed to determine the relationship between aforementioned variables. Granger cointegration test shows that long run relationship exists between oil prices and BIST 100 index closing prices. Granger causality test finds out uni-directional causality relationship from BIST 100 index closing prices to oil prices

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