The Impact of The Covid-19 Pandemic on The BIST Energy Sector ARDL Analysıs
Chapter from the book:
Durgun,
B.
&
Durgun,
F.
(eds.)
2023.
Macro Aspects of Energy Economics.
Synopsis
The risk and uncertainty environment created by the pandemic adversely affects market mechanisms and it is expected that there will be fluctuations in financial markets. Changes in investor hehavior in an environment of uncertainty adversely affected the Turkish stock market as well as the global stock market indices. The aim of this study is to examine the impact of the COVID-19 pandemic on the Turkish stock market energy stocks. In this context, the nexus between the BIST electricity sector index (lnxelt), the total number of recovered (lniyi) and patients the total number cases (lnvaka) was examined by ARDL analysis, taking into account the stock market trading days of the daily data covering the dates 30.03.2021 and 31.05.2022. according to the findings obtained in the period covered in the study, a cointegration nexus was dtermined between the variables. In addition, a posiitive and statistically significant association was found between the total number of cases and the BIST electricity sector index. Accodingly, a 1% increase in the total number of cases increased the BIST electricity sector index by approximately 5.8%.