The Impact Of Macroeconomic Variables On Stock Market â?? Empirical Evidence On Karachi Stock Exchange By Using ARDL Model

  • Adnan Javed
  • Muhammad Rafiq
  • Sarfaraz Khan
  • Muhammad Mohsin Khan

Abstract

This research work provides a broader area to examine the impact of macroeconomic variables on Karachi Stock Exchange. KSE-100 index data is the dependent variable while macroeconomic variables are independent variable. CPI, foreign exchange rate, foreign portfolio liabilities (equities), oil prices and t-bill rates are selected as macroeconomic variables. Data is collected quarterly from the period of 1992 to 2009. A powerful ARDL model is used in this research work. Result of the ARDL model shows that CPI, exchange rate, and t-bill rates got negative relationship with KSE-100 index. Foreign portfolio liabilities (equities) and oil prices showed positive relationship with KSE-100 index
Published
2010-04-22
How to Cite
JAVED , Adnan et al. The Impact Of Macroeconomic Variables On Stock Market â?? Empirical Evidence On Karachi Stock Exchange By Using ARDL Model . Business & Economic Review, [S.l.], v. 3, n. 2, p. 125-142, apr. 2010. ISSN 2519-1233. Available at: <https://bereview.pk/index.php/BER/article/view/47>. Date accessed: 08 may 2021.
Section
Articles