Koronavirüs (Covid-19) Salgınının Hisse Senedi Piyasasına Etkisi: BIST 100 Örneği

Abstract

The coronavirus (Covid-19) outbreak that emerged from central China in late December has spread all over the World. In addition to the negative consequences and threats of the epidemic on public health, its economic effects have also emerged rapidly. The policies implemented by the governments to prevent the spread of the epidemic and the necessary changes in people's lifestyles have affected all economic activities from production to consumption. The unexpected and rapid adversities show their economic effects on the stock markets initially. In the study, the effects of the Covid-19 outbreak on BIST 100 are examined. In analyzing the data, event study and time series (GARCH) method are used. According to the event study results, on March 10, 2020 the first day the Covid-19 pandemic emerged in Turkey, BIST 100 has an abnormal return. According to the sector index returns used in the analysis, all sectors (service, industry, finance, technology) have abnormal returns and were adversely affected during the epidemic period. Thus, it is revealed that the markets react quickly to unexpected events and are negatively affected. On the other hand, according to the time series analysis results, it is observed that the epidemic caused volatility and is effective on BIST 100.