The Impact of Oil Prices on the Stock Market and Real Exchange Rate: The Case of Kazakhstan

Dinmukhamed Kelesbayev, Kundyz Myrzabekkyzy, Artur Bolganbayev and Sabit Baimaganbetov
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Dinmukhamed Kelesbayev: Khoja Akhmet Yassawi International Kazakh-Turkish University, Turkestan, Kazakstan
Kundyz Myrzabekkyzy: Khoja Akhmet Yassawi International Kazakh-Turkish University, Turkestan, Kazakstan
Artur Bolganbayev: Khoja Akhmet Yassawi International Kazakh-Turkish University, Turkestan, Kazakstan
Sabit Baimaganbetov: Khoja Akhmet Yassawi International Kazakh-Turkish University, Turkestan, Kazakstan

International Journal of Energy Economics and Policy, 2022, vol. 12, issue 1, 163-168

Abstract: In this study, the relationship between KASE stock market closing prices and oil prices is analyzed using ADF and Zivot-Andrews (1992) unit root tests and monthly data for the period of 2016-2021. First, the variables are tested for causality. Results show that there is a causal relationship between the real exchange rate and closing prices and between oil prices and the real exchange rate. The short-term effects of the variables are investigated using the VAR method. Results show that Brent crude oil prices have a positive effect on KASE closing prices, while the real exchange rate has a negative effect. In conclusion, changes in oil prices affect the formation of stock prices.

Keywords: Oil Price; KASE Stock Market Closing Prices; Real Exchange Rate (search for similar items in EconPapers)
JEL-codes: D51 E44 O24 P42 Q41 (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (9)

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