Özet:

The study of the factors affecting the stock prices is important for countries with a high foreign debt stock of companies such as Turkey, excessive sensitivity to capital movements, high inflation, global financial system integrated stock exchange and bank-based financial system. Therefore, the determination of factors affecting the stock price for Turkey becomes important in terms of the formation of economic policies in the micro and macro scale. For this purpose in the study in Turkey, the causality relationship between stock prices (BIST 100), exchange rate, deposit interest rate, oil prices, M2 cash supply, TÜFE(inflation rate) and Industrial Production Index variables was studied by symmetric and asymmetric causality tests for the period 2006:1-2020:7. The findings in the symmetrical analysis indicate the existence of a correct causal relationship from the exchange rate, the deposit interest rate, the money supply and the oil prices to the stock price. However, there was no causal relationship between the TÜFE and the industrial production index and the stock price. In the asymmetrical analysis, the currency currency and monetary supply variables in the positive components are the cause of stock prices, while in the negative components the inflation rate is the cause of stock prices. On the other hand, interest rates and oil prices variables have been found to have a causal relationship with stock prices in both positive and negative components. Between industrial production index and stock price, no causal relationship has been identified.

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