EFFECTS OF COVID-19 OUTBREAK ON TURKISH STOCK MARKET: A SECTORAL-LEVEL ANALYSIS

Year 2020, Volume: 13 Issue: 1, 56 - 68, 30.06.2020

Özcan Öztürk , Muhammet Yunus Şişman , Hakan Uslu , Ferhat Çıtak

https://doi.org/10.17218/hititsosbil.728146

Cited By: 40

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.

Keywords

COVID-19, Pandemic, Borsa Istanbul, Sectoral Indices, Panel Data

KOVİD-19 Pandemisinin Türkiye Hisse Senedi Piyasasına Etkileri: Sektörel Bir Analiz

Abstract

Yeni Koronavirüs (KOVİD-19), tüm dünya ekonomilerinin öngöremediği büyüklükteki belirsizlikleri beraberinde getirmiş, ülkelerin daha önce karşılaşmadığı bir insani ve iktisadi kriz ortamına sebep olmuştur. Bu çalışma, KOVİD-19 salgının finans piyasaları üzerindeki etkisini ampirik olarak inceleyen ilk çalışmadır. Bu makalede, KOVİD-19 virüsünün neden olduğu küresel pandeminin sektörel düzeydeki ekonomik etkileri günlük verilerin sabit etkiler yöntemiyle incelenmesi suretiyle açıklanmaya çalışılmıştır. Bulgular, sektörel endekslerin Avrupa ve Dünya vaka sayılarından ziyade Türkiye’deki vaka sayılarından daha çok etkilendiğini göstermiştir. Ayrıca, KOVİD-19 salgınının olumsuz ekonomik etkileri en çok metal ürünleri ve makine sektörlerinde görülmektedir. Spor, bankacılık ve sigortacılık sektörleri ise bu endüstrileri takip etmektedir. Yaşanan ekonomik durgunluğa rağmen ülkede yiyecek-içecek, toptan-perakende satış ve gayrimenkul yatırım sektörleri ise salgından en az etkilenen sektörler olmuştur.

Keywords

KOVID-19, Pandemi, Borsa İstanbul, Sektörel Endeksler, Panel Veri

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