Stock Returns and Macroeconomic Influences: Evidence from the Six Asian-Pacific Countries

Mahmood, Wan Mansor Wan; Dinniah, Nazihah Mohd

doi:10.2139/ssrn.995108

Cited by 20 publications

(17 citation statements)

References 22 publications

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“…There are many other previous studies publicized that there are weak relationship between macroeconomic variables and countries' equity market (Wan Mahmood and Mohd Dinniah 2009;Asaolu and Ogunmuyiwa, 2010;Hsing 2011a;Hsing 2011b). The relationship also was found differ based on the economic condition of a particular country.…”

Section: Review Of the Related Literaturementioning

confidence: 99%

Relationship between macroeconomic variables and Malaysia available Shariah Indices

Isa

Hasan

Abdullah

2012

2012 IEEE Colloquium on Humanities, Science and Engineering (CHUSER)

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Section: Review Of the Related Literaturementioning

confidence: 99%

Relationship between macroeconomic variables and Malaysia available Shariah Indices

Isa

Hasan

Abdullah

2012

2012 IEEE Colloquium on Humanities, Science and Engineering (CHUSER)

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“…There are also studies like those of Mahmood and Dinniah (2007), Muller and Verschoor (2007), and Rahman and Uddin (2009) which investigate the interaction between exchange rates and stock prices using Johansen's cointegration methodology on selected Asian countries.…”

Section: Literature Reviewmentioning

confidence: 99%

Interaction between Stock Prices and Exchange Rate in Emerging Market Economies

Kahraman¹,

Birkan²

2016

RWE

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In this study we apply a series of non-causality tests to determine the direction of the relationship between stock price indices and exchange rates in emerging market economies. The data set includes monthly observations for the 21 countries included in the MSCI Emerging Markets Index between January 2003 and June 2013. The results indicate that there is a statistically significant causal interaction between the two variables in 13 of the 21 countries we study. The direction of the causality varies from country to country and is subject to the joint effect of multiple factors depending on the particulars of the economy in question.

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“…However, the results showed no influence for both palm oil price and gold price, but significant influence for both interest rate and exchange rate. But the earlier studies conducted in Malaysia by Rahman et al (2009) andMahmood &Mahd Dinniah (2009) showed no relationship between macroeconomic variable namely interest rate and exchange rate and the stock prices.…”

Section: Literature Reviewmentioning

confidence: 92%

The Impact of Commodity Prices, Interest Rate and Exchange Rate on Stock Market Performance: Evidence from Zambia

Musawa¹,

Mwaanga²

2017

JFRM

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In 2016, the performance of Capital markets in Africa experienced a downward trend. Notable among them were Zambia, Ghana and Nigeria (http://www.african-markets.com/). The Lusaka Securities Exchange (LuSE) share price index was the worst performer year-to-date, down 26.83% in local currency. Among the contributing factors cited were commodity prices as the country relies on copper for more than 70% of its export revenue and had therefore suffered from commodity prices plunged which led to weakened currencies and widened budget shortfalls (http://www.african-markets.com/). Although the contributing factors are known, their impact on the Zambian stock market is not known. This study was an attempt to establish the impact of commodity prices and macroeconomic factors on the stock market returns. Like in similar studies, Nordin et al. (2014) The findings of the study revealed Interest rates, exchange rates, copper and Oil price jointly have the long and short Run impact on the Lusaka Stock Market, but individually, only interest rates and copper prices had a significant long term impact on the stock market, but in the short run only Copper and Exchange rates had an immediate impact on the stock market. One important policy implication of this study is that it will alert the authorities and the investors on the impact of commodity prices, interest rate, and the exchange rate on the Lusaka Securities Exchange stock market performance.

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Stock Returns and Macroeconomic Influences: Evidence from the Six Asian-Pacific Countries

Cited by 20 publications

References 22 publications

Relationship between macroeconomic variables and Malaysia available Shariah Indices

Relationship between macroeconomic variables and Malaysia available Shariah Indices

Interaction between Stock Prices and Exchange Rate in Emerging Market Economies

The Impact of Commodity Prices, Interest Rate and Exchange Rate on Stock Market Performance: Evidence from Zambia

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