Borsa İstanbul’daki Yabancı Pay Değişiminin BİST Sektör Endeksleri Üzerindeki Etkisi

Abstract

While foreign direct investments are important for the economic growth of countries, foreign portfolio investments that provide a rapid financial development are also necessary for the financial markets. Foreign portfolio investments can affect the capital markets, providing confidence in the stock market and a rapid economic growth especially for developing countries. Therefore, developing countries want to attract foreign investors to capital markets. The purpose of this study is to examine the effect of the change in the foreign share ratio on the BIST sector indices on a monthly basis based on the selected sectors in Borsa Istanbul. Granger and Toda Yamamoto causality analysis methods were used to determine the relationship between sector indices and the change in foreign share ratio. As a result, although the foreign share ratio is high in the selected 6 sectors, contrary to popular belief, the change in the foreign share does not have a causal effect on the sector indices except financial and banking sectors, the change in the sector indices does not depend on the change in the foreign share ratio, and Borsa İstanbul's own internal dynamic It has been determined that it is caused by the effect.