Effects of COVID-19 Outbreak on Turkish Stock Market: A Sectoral-Level Analysis Cover Image

Effects of COVID-19 Outbreak on Turkish Stock Market: A Sectoral-Level Analysis
Effects of COVID-19 Outbreak on Turkish Stock Market: A Sectoral-Level Analysis

Author(s): Özkan Öztürk, Muhammet Yunus Şişman, Hakan Uslu, Ferhat Çitak
Subject(s): National Economy, Health and medicine and law, Economic development, Financial Markets
Published by: Hitit Üniversitesi Sosyal Bilimler Enstitüsü
Keywords: COVID-19; Pandemic; Borsa Istanbul; Sectoral Indices; Panel Data;

Summary/Abstract: The Novel Coronavirus (COVID-19) has brought uncertainties to all countries in the world, causing human suffering and economic downturn that are unprecedented in recent history. This paper is the first empirical research that analyzes the effects of the outbreak on the Turkish stock market. The paper employed a fixed-effect model with daily data to explore the economic impact of the global pandemic at the sectoral level. Findings showed that sectoral indices were affected by the number of cases reported in Turkey than the number of cases in Europe and in the world. Furthermore, the most adversely affected sectors were metal products, machinery and sports, insurance and banking sectors. Despite the substantial economic downturn, food-beverage, wholesale and retail trade and real estate investment sectors have been the less affected industries from the outbreak.

  • Issue Year: 13/2020
  • Issue No: 1
  • Page Range: 56-68
  • Page Count: 13
  • Language: English