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    Effects of oil price changes on the sector indices of istanbul stock exchange
    (2009) Eryiǧit, Mehmet
    Oil price changes have chain affects on real economic activities. In order to explain the economic growth in any country, energy sectors (such as, electricity, oil, gasoline, coal, renewable energy, etc.), financial markets, real economy and the overall economy must be considered together. Oil price changes have significant effects on the real economic activity and employment. In addition to this, oil price changes and shocks are very important devices to explain stock price changes. In this paper, the extended market model (market return, oil prices (in Turkish Lira), oil price in dollars and exchange rate between dollar and Turkish Lira (TL)) was used to determine the effects of the oil price in dollars changes on market indexes in Istanbul Stock Exchange (ISE) for the period of 2000.01.04 - 2008.01.11. Daily data were used for analysis. Oil price (TL) changes has statistically significant effects on Electricity, Wholesale and Retail Trade, Insurance, Holding, Investment, Wood, paper, printing, Basic Metal, Metal Products, Machinery and Non-Metal and Mineral Products indices at the %5 significance level. It is found that oil price (USD) changes have a significant positive effect on Wood, Paper & Printing, Insurance and Electricity sub-sector indices. © EuroJournals Publishing, Inc. 2009.