Özet:

The volatility in oil prices, which is sought after by numerous industries, particularly the transportation sector, exerts a substantial influence on the economies of various nations. Moreover, alterations in oil prices considerably damage multiple sectors at their core. The correlation between oil prices, which hold significance as a key macroeconomic indicator in global markets, and sector indexes and stock prices has garnered attention from both investors and researchers alike. This study aims to investigate the correlation between oil prices and stock prices specifically within the context of BIST indices. In order to achieve this objective, the Engle-Granger (1987) cointegration test is employed to examine the enduring equilibrium link between Brent crude oil prices and various stock market indices, including the BIST100 as a comprehensive index, as well as the BIST Trade, BIST Industrial, and BIST Services sector indices, which represent the primary sectors. The analysis of the short-term causality relationship is conducted by employing the Granger (1969) causality test, which is based on the VAR model. The study's findings indicate that a sustained cointegration link between the variables does not exist in the long term. However, empirical evidence suggests that there exists a unidirectional causal relationship from oil prices to the BIST100 and BIST Industrial indices, but no such causal relationship has been identified with respect to other indexes.

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