THE IMPACT OF COVID-19 VACCINATION RATE ON PARTICIPATION 30 AND BIST 30 INDEX RETURNS

Yıl 2022, , 193 - 202, 01.10.2022

Dr. Muhammed Hadin Öner

https://doi.org/10.32951/mufider.1135511

Öz

In this study, the effects of the new vaccinations on the BIST 100 and Participation 30 indices during the COVID-19 pandemic, which started in China at the beginning of December 2020 and spread to all countries of the world and emerged in Turkey in March 2021, are investigated. With the help of EGARCH models established for the returns of the indices, the responses of the BIST 100 and Participation 30 indices to the new vaccinations during the pandemic process are analyzed. The results show that the rate of vaccination affects the Participation 30 index returns negatively. In addition, it has been determined that there is no relationship between the new vaccination and the BIST100 index in terms of return. Additionally, it is concluded that the new vaccination caused a decrease in the volatility in the trading volume of the Participation 30 index and an increase in the volatility in the trading volume of the BIST100 index. It comes to mind that these different findings between the indices may be due to the irrational behavior of investors belonging to the Participation 30 and BIST100 indices, and that the tendency of conservatism may have had an impact on this situation. It is thought that the study can contribute to the literature in terms of examining the responses of the Participation 30 and BIST100 indices to the new vaccinations and trying to reveal the differences.

Anahtar Kelimeler

Islamic Finance, Islamic Index, Participation Index

COVID-19 AŞILANMA HIZININ KATILIM 30 VE BİST30 ENDEKS GETİRİLERİ ÜZERİNDEKİ ETKİSİ

Öz

Bu çalışmada 2020 yılı aralık ayı başında Çin’de ortaya çıkan ve tüm dünya ülkelerine yayılan ve 2021 yılı mart ayında Türkiye’de ortaya çıkan COVID-19 pandemi sürecindeki yeni aşılamanın, BİST 100 ve Katılım 30 endeks getirilerine etkileri araştırılmıştır. Endekslerin getirileri için kurulan EGARCH modelleri yardımı ile BİST 100 ile Katılım 30 endekslerinin pandemi sürecinde yeni aşılanmaya verdikleri tepkiler analiz edilmiştir. Sonuçlar, aşılanma hızının Katılım 30 endeksi getirilerini negatif yönde etkilerken BİST100 endeks getirileri yönünden herhangi bir ilişki bulunamamıştır. Endeksler arasında elde edilen bu farklı bulguların, Katılım 30 ve BİST100 endekslerine ait yatırımcıların irrasyonel davranışlarından kaynaklanabileceği ve bu durum üzerinde özellikle muhafazakarlık eğiliminin etkisinin olmuş olabileceği akıllara gelmektedir. Çalışmanın Katılım 30 ve BİST100 endekslerinin yeni aşılanmaya verdikleri tepkileri incelemesi ve farklılıkları ortaya koymaya çalışması açısından literatüre katkı sağlayabileceği düşünülmektedir.

Anahtar Kelimeler

Katılım Finans, İslami Endeksler, Katılım Endeksi

Kaynakça

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