Pengaruh faktor makroekonomi terpilih dan harga minyak mentah dunia terhadap pasaran saham mengikut sektor di Malaysia

Pengaruh faktor makroekonomi terpilih dan harga minyak mentah dunia terhadap pasaran saham mengikut sektor di Malaysia

Kajian ini bertujuan untuk menganalisis pengaruh faktor pemboleh ubahmakroekonomi (kemeruapan kadar pertukaran asing, pulangan kadar pertukaran asing dan kadarinflasi) dan faktor harga minyak mentah dunia terhadap pulangan pasaran saham bagi sembilan sektorterpilih di Malaysia. Kajian ini juga mengk...

Full description

Saved in:
Bibliographic Details
Main Author: Mohd Kamarul Azriq Yusof
Format: thesis
Language:zsm
Published: 2018
Subjects:
HB Economic Theory
Online Access:https://ir.upsi.edu.my/detailsg.php?det=5093
Tags: Add Tag
No Tags, Be the first to tag this record!
id oai:ir.upsi.edu.my:5093
record_format uketd_dc
institution Universiti Pendidikan Sultan Idris
collection UPSI Digital Repository
language zsm
topic HB Economic Theory
spellingShingle HB Economic Theory
Mohd Kamarul Azriq Yusof
Pengaruh faktor makroekonomi terpilih dan harga minyak mentah dunia terhadap pasaran saham mengikut sektor di Malaysia
description Kajian ini bertujuan untuk menganalisis pengaruh faktor pemboleh ubahmakroekonomi (kemeruapan kadar pertukaran asing, pulangan kadar pertukaran asing dan kadarinflasi) dan faktor harga minyak mentah dunia terhadap pulangan pasaran saham bagi sembilan sektorterpilih di Malaysia. Kajian ini juga mengkaji pengaruh faktor luar jangkaan iaitu krisis ekonomidunia pada tahun 2008, terhadap pulangan pasaran saham di Malaysia. Dengan mengadaptasi KaedahKuasa Dua Terkecil (KKDT) dalam pembentukan model penganggaran, data siri masa berfrekuensi bulananbermula September 2003 hingga November 2016 telah digunakan. Dapatan kajian menunjukkan bahawaharga minyak mentah dunia memberi pengaruh yang berbeza merentasi sektor dan regim krisis duniayang dibentuk. Misalnya, pada regim sebelum krisis ekonomi dunia, harga minyak mentah duniamemberikan pengaruh positif dan siginfikan terhadap sektor Perindustrian ( =.090, <.01). Sebaliknya, selepas krisis ekonomi dunia, harga minyak mentah dunia memberikanpengaruh yang positif dan signifikan terhadap sektor yang lain iaitu sektor Perladangan ( =.143, <.01) dan Kewangan ( = .100, <.01). Selain itu,dapatan kajian menunjukkan pemboleh ubah makroekonomi turut memberikan peranan yang berbezamerentasi regim krisis dunia dan sektor. Kesimpulannya, kebanyakan pulangan sektor di Malaysiaadalah dipengaruhi oleh faktor harga minyak mentah dunia. Namun, tidak di nafikan faktormakroekonomi seperti faktor kemeruapan kadar, pertukaran asing dan kadar inflasi turut juga dapatmemberikan pengaruh terhadap pulangan sektor di Malaysa. Implikasi kajian ini adalah penting kepadapara pelabur dan bakal pelabur, kerana ia dapat membantu dalam membuatkeputusan pelaburan bagi sesuatu sektor.
format thesis
qualification_name
qualification_level Master's degree
author Mohd Kamarul Azriq Yusof
author_facet Mohd Kamarul Azriq Yusof
author_sort Mohd Kamarul Azriq Yusof
title Pengaruh faktor makroekonomi terpilih dan harga minyak mentah dunia terhadap pasaran saham mengikut sektor di Malaysia
title_short Pengaruh faktor makroekonomi terpilih dan harga minyak mentah dunia terhadap pasaran saham mengikut sektor di Malaysia
title_full Pengaruh faktor makroekonomi terpilih dan harga minyak mentah dunia terhadap pasaran saham mengikut sektor di Malaysia
title_fullStr Pengaruh faktor makroekonomi terpilih dan harga minyak mentah dunia terhadap pasaran saham mengikut sektor di Malaysia
title_full_unstemmed Pengaruh faktor makroekonomi terpilih dan harga minyak mentah dunia terhadap pasaran saham mengikut sektor di Malaysia
title_sort pengaruh faktor makroekonomi terpilih dan harga minyak mentah dunia terhadap pasaran saham mengikut sektor di malaysia
granting_institution Universiti Pendidikan Sultan Idris
granting_department Fakulti Pengurusan dan Ekonomi
publishDate 2018
url https://ir.upsi.edu.my/detailsg.php?det=5093
_version_ 1747833167626108928
spelling oai:ir.upsi.edu.my:50932020-08-11 Pengaruh faktor makroekonomi terpilih dan harga minyak mentah dunia terhadap pasaran saham mengikut sektor di Malaysia 2018 Mohd Kamarul Azriq Yusof HB Economic Theory Kajian ini bertujuan untuk menganalisis pengaruh faktor pemboleh ubahmakroekonomi (kemeruapan kadar pertukaran asing, pulangan kadar pertukaran asing dan kadarinflasi) dan faktor harga minyak mentah dunia terhadap pulangan pasaran saham bagi sembilan sektorterpilih di Malaysia. Kajian ini juga mengkaji pengaruh faktor luar jangkaan iaitu krisis ekonomidunia pada tahun 2008, terhadap pulangan pasaran saham di Malaysia. Dengan mengadaptasi KaedahKuasa Dua Terkecil (KKDT) dalam pembentukan model penganggaran, data siri masa berfrekuensi bulananbermula September 2003 hingga November 2016 telah digunakan. Dapatan kajian menunjukkan bahawaharga minyak mentah dunia memberi pengaruh yang berbeza merentasi sektor dan regim krisis duniayang dibentuk. Misalnya, pada regim sebelum krisis ekonomi dunia, harga minyak mentah duniamemberikan pengaruh positif dan siginfikan terhadap sektor Perindustrian ( =.090, <.01). Sebaliknya, selepas krisis ekonomi dunia, harga minyak mentah dunia memberikanpengaruh yang positif dan signifikan terhadap sektor yang lain iaitu sektor Perladangan ( =.143, <.01) dan Kewangan ( = .100, <.01). Selain itu,dapatan kajian menunjukkan pemboleh ubah makroekonomi turut memberikan peranan yang berbezamerentasi regim krisis dunia dan sektor. Kesimpulannya, kebanyakan pulangan sektor di Malaysiaadalah dipengaruhi oleh faktor harga minyak mentah dunia. Namun, tidak di nafikan faktormakroekonomi seperti faktor kemeruapan kadar, pertukaran asing dan kadar inflasi turut juga dapatmemberikan pengaruh terhadap pulangan sektor di Malaysa. Implikasi kajian ini adalah penting kepadapara pelabur dan bakal pelabur, kerana ia dapat membantu dalam membuatkeputusan pelaburan bagi sesuatu sektor. 2018 thesis https://ir.upsi.edu.my/detailsg.php?det=5093 https://ir.upsi.edu.my/detailsg.php?det=5093 text zsm closedAccess Masters Universiti Pendidikan Sultan Idris Fakulti Pengurusan dan Ekonomi Adam, A. M., & Tweneboah, G. (2008). Macroeconomic factors and stock marketmovement: evidence from Ghana. Munich Personal RePEc Archive (MPRA Paper), No. 11256.Adaramola, A. O. (2012). Oil Price Shocks And Stock Market Behaviour: The Nigerian Experience.Journal of Economics, 3(1), 19-24.Adler, M., & Dumas, B. (1984). Exposure To Currency Risk: Definition And Measurement. Financialmanagement, 41-50Aggarwal, R. (1981). Exchange Rates And Stock Prices: A Study Of The US Capital Markets UnderFloating Exchange Rates. Akron Business and Economic Review, 12, 7-12Aigbovo, O., & Izekor, A. O. (2015) Stock Market Development and Economic Growth in Nigeria: AnEmpirical Assessment.Akomolafe, K. J., & Jonathan, D. D. (2014). Oil Price Dynamics and the Nigerian Stock Market: AnIndustry Level Analysis. International Journal, 3(6).Aliyu, S. U. R. (2012). Does inflation have an impact on stock returns and volatility?Evidence from Nigeria and Ghana. Applied financial economics, 22(6), 427-435.Al-Sharkas, A. (2004). The Dynamic Relationship Between Macroeconomic Factors and the Jordanianstock market. International Journal of Applied Econometrics and Quantitative Studies. Volume 1-1.Angabini,A.,&Wasiuzzaman,S.(2011). Garch Models and the Financial Crisis-A study of the MalaysianStock Market. The International Journal of Applied Economics and Finance, 5(3), 226-236.Arnold, H. (2014), Schumpeter and Methodological Individualism. Journal of Evolutionary Economics,14(2), 153-156.Asmy, M., Rohilina, W., Hassama, A., & Fouad, M. (2009). Effects Of Macroeconomic Variables OnStock Prices In Malaysia: An Approach Of Error Correction Model.Arouri, M. E. H., & Fouquau, J. (2009a). On The Short-Term Influence Of Oil Price Changes OnStock Markets In GCC Countries: Linear And NonlinearAnalyses. arXiv preprint arXiv:0905.3870.Arouri, M. E. H., & Fouquau, J. (2009b). How Do Oil Prices Affect Stock Returns In GCC Markets?An Asymmetric Cointegration Approach. Orleans EconomicLaboratory, University of Orleans, Working Paper.Bai, Z. (2014). Study on the Impact of Inflation on the Stock Market in China. InternationalJournal of Business and Social Science. Vol, 5.Barakat, M. R., Elgazzar, S. H., & Hanafy, K. M. (2015). Impact of Macroeconomic Variables on StockMarkets: Evidence from Emerging Markets. International Journal of Economics and Finance, 8(1), 195.Berk, I., & Aydogan, B. (2012). Crude Oil Price Shocks And Stock Returns: Evidence From TurkishStock Market Under Global Liquidity Conditions (No. 12/15). EWI Working Paper.Bodnar, G. M., & Wong, M. F. (2003). Estimating Exchange Rate Exposures: Issues In Model Structure.Financial Management, 35-67.Broadstock, D. C., & Filis, G. (2014). Oil price shocks and stock market returns: New evidence fromthe United States and China. Journal of International Financial Markets, Institutions and Money,33, 417-433.Caporale, G. M., Howells, P. G., & Soliman, A. M. (2004). Stock market development and economicgrowth: the causal linkage. Journal of Economic Development, 29(1), 33-50.Daferighe, C., & Charlie, S. S. (2012). The impact of inflation on stock market performance inNigeria. American Journal of Social and Management Sciences, 3(2), 76-82.Data Market. (2016). Diperolehi pada 20 Disember 2016 daripadahttps://datamarket.com/data/set/4gfx/real-broad-effective-exchange-rate-for-malaysia#!ds=4gfx&display=lineEkmekcioglu, E. (2012). The macroeconomic effects of world crude oil price changes. InternationalJournal of Business and Social Science, 3(6).Emilda, H., Norimah, R., Mohd Kamarul, A. Y., & Siti Haslinda, A. A. (2016). An Application of Heteroskedasticity Testing In Economic Growth Model. International Journal of AcademicResearch in Business and Social Sciences, 6(11), 16-23.Estep, T. & Hanson, N. (1980). The valuation of financial assets in inflation. SalomonBrothers, New York.Exchange Rates UK. (2016). Diperolehi pada 20 Disember 2016 daripadahttp://www.exchangerates.org.uk/USD-MYR-exchange-rate-history-full.htmlFalzon, J., & Castillo, D. (2013). The Impact of Oil Prices on Sectoral Equity Returns: Evidencefrom UK and US Stock Market Data. Journal of Financial Management, Markets and Institutions, 1(2),247-268.Fama, E. F., & French, K. R. (2004). The capital asset pricing model: Theory and evidence. TheJournal of Economic Perspectives, 18(3), 25-46.Fattouh, B. (2007). The drivers of oil prices: the usefulness and limitations of non- structuralmodel, the demand-supply framework and informal approaches(p. 32). Working Paper: Oxford Institutefor Energy Studies.Fuad Mohamed Berawi (2016). Ekonometrik Asas Panduan Penggunaan SAS. Universiti Utara Malaysia.Gujrati, D.N. (2004). Basic Econometric, (4th Ed.). The McGraw-Hill Companies. New York.Gujarati, D. N., & Porter D. C. (2009). Basic econometrics (5th Ed.). The McGraw-Hill Companies.New York.Hakim, V. (2014). The effect of inflation on the stock market returns of the Nairobi SecuritiesExchange (Doctoral dissertation, University Of Nairobi).Har, W. M., Ee, C. S., & Tan, C. T. (2008). Stock Market and Economic Growth in Malaysia: CasualityTest. Asian Social Science, 4(4), 86-92.He, Y., & Zhao, J. (2003). Extreme dependence between crude oil and the stock markets in China: Asector investigation.Historical Exchange Rates. (2016). Diperoleh pada 20 Disember 2016 daripadahttps://www.ofx.com/en-us/forex-news/historical-exchange-rates/Hunjra, A. I., Chani, M. I., Ijaz, M. S., Farooq, M., & Khan, K. (2014). The Impact ofMacroeconomic Variables on Stock Prices in Pakistan.Husain, F., & Mahmood, T. (2001). The stock market and the economy in Pakistan. The PakistanDevelopment Review, 107-114.Hussin, M. Y. M., & Muhammad, F. (2011). Analisis Perkembangan Bursa Malaysiadan Pasaran Saham Islam di Malaysia. Sains Humanika, 56(1).Ho, S. Y., & Odhiambo, N. M. (2012). Stock market development and economic growth inHong Kong: An empirical investigation. The International Business & Economics ResearchJournal (Online), 11(7), 795.Ibrahim, M. H. (2008). The Exchange-Rate Exposure of Sectoral Stock Returns: Evidence FromMalaysia. International Journal of Economic Perspectives, 2(2), 64.Imdadullah, M. B. A., & Hayatabad, P. (2012). Impact Of Interest Rate, Exchange Rate And InflationOn Srock Returns Of Kse 100 Index. International Journal Economic, 142-155.Index Mundi. (2016). Diperolehi pada 22 Disember 2016 daripadahttp://www.indexmundi.com/Commodities/?commodity=crudeoil&months=60& currency=myrInternational Monetory Fund (IMF). (2016). Diperolehi pada 25 Disember 2016 daripadahttp://www.imf.org/external/index.htmInvesting.com. (2016). Diperolehi pada 22 Disember 2016 daripadahttp://www.investing.com/indices/ftse-malaysia-klci-historical-dataIqbal, J., & Haider, A. (2005). Arbitrage Pricing Theory: Evidence From an Emerging Stock Market.The Lahore Journal of Economics, 10(1), 123-139.Jafarian, A., & Safari, M. (2015). Impact of Oil Price Fluctuations on Returns of Different Sectorsof Malaysian Stock Market. Journal of Modern Accounting and Auditing, 11(3), 159-167.Jamil, M., & Ullah, N. (2013). Impact of foreign exchange rate on stock prices. Journal of Businessand Management, 7(3), 45-51.Janor, H., Halid, N., & Rahman, A. A. (2005). Stock market and economic activity in Malaysia.Investment Management and Financial Innovations, 4, 116-123.Jawaid, S. T., & Haq, A. U. (2012). Effects of interest rate, exchange rate and their volatilitieson stock prices: evidence from banking industry of Pakistan. Theoretical and AppliedEconomics, 8(8), 153.Kanas, A., & Ioannidis, C. (2010). Causality from real stock returns to real activity:evidence of regimedependence. International Journal of Finance &Economics, 15(2), 180-197.Kang, W., Ratti, R. A., & Yoon, K. H. (2015). The impact of oil price shocks on thestock market return and volatility relationship. Journal of International Financial Markets,Institutions and Money, 34, 41-54.Kapusuzoglu, A. (2011). Relationships between oil price and stock market: An empirical analysisfrom Istanbul Stock Exchange (ISE). International Journal of Economics and Finance, 3(6), 99.Kimani, D. K., & Mutuku, C. M. (2013). Inflation dynamics on the overall stock market performance:The case of Nairobi Securities Exchange in Kenya. Economics and Finance Review, 2(11), 1-11.Khumalo, J. (2013). Inflation and stock prices interactions in South Africa: VAR analysis.International Journal of Economics and Finance Studies, 5(2), 23-34.Kumar, P., Sorescu, S. M., Boehme, R., et el. (2006). Estimation Risk, Information and theConditional CAPM: Theory and Evidence. Journal of Academic, 1-35.Lake, A. E., & Katrakilidis, C. (2009). The Effects of the Increasing Oil Price Returns and itsVolatility on Four Emerged Stock Markets. European Research Studies, 12(1), 149.Li, L., Narayan, P. K., & Zheng, X. (2010). An analysis of inflation and stock returns for the UK.Journal Of International Financial Markets, Institutions And Money, 20(5), 519-532.Lintner, J. (1965). Security prices, risk, and maximal gains from diversification. The Journal ofFinance, 20(4), 587-615.Lv, X., Dong, W., & Fang, F. (2015). The Asymmetric Effects Of Official Interest Rate Changes OnChina’s Stock Market During Different Market Regimes. Emerging Markets Finance and Trade, 51(4),826-841.Maghyereh, A. I. (2002). Causal Relations Among Stock Prices And Macroeconomic Variables In TheSmall, Open Economy Of Jordan.Markowitz, H. M. (1959). Portfolio selection: efficient diversification of investments.Yale University Press.Masoud, N. M. (2013). The Impact of Stock Market Performance upon EconomicGrowth. International Journal of Economics and Financial Issues,3(4), 788.Maysami, R. C., Howe, L. C., and Hamzah, M. A. (2004). Relationship betweenMacroeconomic Variables and Stock Market Indices: Cointegration Evidence from Stock Exchange ofSingapore’s All-S Sector Indices. Jurnal Pengurusan Vol. 24, pp. 47-77Maysami, R., & Koh, T. S. (2000). A Vector Error Correction Model Of Singapore Stock Market.International Review of Economics and Finance, 9(1), 76-96.Michael, A. (2014). The Inflation-Stock market returns Nexus: Evidence from the Ghana StockExchange. Journal of Economics and International Finance, 6(2), 38.Mishra, S. (2015). An Econometric Investigation of Long and Short Run Relationship among GlobalCrude Oil Price, Exchange Rate and Stock Price in India: An ARDL-UECM Approach. Vilakshan: The XIMBJournal of Management, 12(2).Mlambo, C., Maredza, A., & Sibanda, K. (2013). Effects of exchange rate volatility on the stockmarket: A case study of South Africa. Mediterranean Journal of Social Sciences, 4(14), 561.Mohan, C., & Chitradevi, N. (2014) Impact of Inflation and Exchange Rate on Stock MarketPerformance in India. Indian Journal Of Applied Research. Volume : 4. Issue : 3.Mohd. Anuar Hj. Md. Amin. (1998). Teori Ekonometrik. Dewan Bahasa dan Pustaka.Mousa, S., N., Al safi, W., Hasoneh, A., B., & Abo-orabi, M., M. (2012). The Relationship BetweenInflation And Stock Prices (A Case of JORDAN). IJRRAS. Vol 10, Issue1.Muhammad, N., Rasheed, A., & Husain, F. (2002). Stock Prices and Exchange Rates: Are they Related?Evidence from South Asian Countries [with Comments]. The Pakistan Development Review, 535-550.Nandha, M., & Brooks, R. (2009). Oil prices and transport sector returns: an internationalanalysis. Review of Quantitative Finance and Accounting, 33(4), 393-409.Ng, Z. J., & Sek, S. K. (2014, December). Spillover effects of oil price shocks across stockmarkets. In International Conference On Quantitative Sciences And Its Applications (ICOQSIA 2014):Proceedings of the 3rd International Conference on Quantitative Sciences and Its Applications (Vol.1635, No. 1, pp. 355-362).AIP Publishing.Niemira, M. P., & Klein, P. A. (1994). Forecasting Financial and Economic Cycles.New York: John Wiley and Sons, Inc.Nishat, M., & Shaheen, N. (2004). Macroeconomic factors and Pakistani equity market.Department of Finance and Economics. Institute of Business AdministrationKarachi.Nor, A. H. S. M., Kogid, M., Sarmidi, T., & Isa, Z. (2012). Kesan kemeruapan kadarpertukaran ke atas pasaran saham di Malaysia. Jurnal Ekonomi Malaysia, 46(2),141-157.Norimah, R. R., Emilda, H., Asmawi, H., Dayang, A. A. M. & Jan M. P.(2017). Empirical Analysis On Exchange Rate Exposure And Sector Returns InMalaysia. Jurnal Ekonomi Malaysia. Universiti Kebangsaan Malaysia (UKM)Norimah, R. R., Emilda, H., & Dayang, A. A. M. (2016). The Effect of Foreign DirectInvestment, Exports and Employment on Economic GrowthModel. International Journal of Academic Research in Business and SocialSciences, 6(11), 361-376.Nowbutsing, B. M., & Odit, M. P. (2011). Stock market development and economicgrowth: The case of Mauritius. International Business & Economics ResearchJournal (IBER), 8(2).Olufisayo, A. O. (2014). Oil Price and Stock Market: Empirical Evidence fromNigeria. European Journal of Sustainable Development, 3(2), 33.Olweny, T. O., & Kimani, D. (2011). Stock market performance and economic growthEmpirical Evidence from Kenya using Causality Test Approach. Advances inManagement & Applied Economics, 1(3), 153-196.Omran, M., & Pointon, J. (2001). Does the inflation rate affect the performance of thestock market? The case of Egypt. Emerging Markets Review, 2(3), 263-279.Ono, S. (2011). Oil price shocks and stock markets in BRICs. The European Journalof Comparative Economics, 8(1), 29-45.Oskooe, S. A. P. (2011). Oil Price Shock And Stock Market In An Oil-ExportingCountry Evidence From Causality In Mean And Variance Test. In InternationalConference On Applied Economics-ICOAE (p. 443).Ozbay, E. (2009). The relationship between stock returns and macroeconomic factors:evidence for Turkey. MSc degree dissertation. University of Exeter.Ozturk, B. (2008). The Effects of Macroeconomic Factors on Istanbul Stock ExchangeNational 100 Index and Its Volatility (1997-2006). Thesis, Istanbul TechnicalUniversity (in Turkish).Pan, M. S., Fok, R. C. W. & Liu, Y. A. (2007). Dynamic linkages between exchangerates and stock prices: evidence from East Asian markets. International Reviewof Economics and Finance. 16: 503-520.Paramati, S. R., & Gupta, R. (2013). An empirical analysis of stock market performanceand economic growth: Evidence from India. International Research Journal ofFinance and Economics, ISSN, 1450-2887.Patel, P. J., Patel, N. J., & Patel, A. R. (2014). Factors affecting Currency ExchangeRate, Economical Formulas and Prediction Models. International Journal ofApplication or Innovation in Engineering & Management (IJAIEM). Retrievedfrom: http://www. ijaiem. org/volume3issue3/IJAIEM-2014-03-05-013. pdf.Patrick, H.T., Wai, U. (1973), Stock and Bond Issues and Capital Markets in LessDeveloped Countries. International Monetary Fund, Staff Papers, World Bank,Washington, D.C.Polit, D. F., & Beck, C. T. (2004). Nursing research: Principles and methods.Lippincott Williams & Wilkins.Rahman, A. A., Sidek, N. Z. M., & Tafri, F. H. (2009). Macroeconomic determinantsof Malaysian stock market. African Journal of Business Management, 3(3), 95.Ramasamy, R., & Abar, S. K. (2015). Influence of Macroeconomic Variables onExchange Rates. Journal of Economics, Business Management, 3(2).Rasiah, D., Ying, T. L., & Solarin, S. A. (2016). Economic freedom index and stockreturns in Malaysia. Theoretical and Applied Economics, 23(1 (606), Spring),213-236.Ratti, R. A., & Hasan, M. Z. (2013). Oil price shocks and volatility in Australian stockreturns. Economic Record, 89(S1), 67-83.Reddy, D. L. (2012). Impact of inflation and GDP on stock market returns inIndia. International journal of advanced research in management and socialsciences, 1(6).Sabitha, M. (2005). Kaedah Penyelidikan Sains Sosial. Petaling Jaya: Prentice Hall.Sahu, T. N., & Mondal, D. (2015). Crude Oil Price, Exchange Rate and Emerging StockMarket: Evidence from India. Jurnal Pengurusan, 42, 75-87.Sekaran, U., & Bougie, R. (Eds.) (2013). Research Methods for Business A SkillBuildingApproach. United Kingdom: John Wiley & Sons LtdSekmen, F. (2011). Exchange rate volatility and stock returns for the US. AfricanJournal of Business Management, 5(22), 9659.Shafi K., Hua L., Idrees Z., & Nazeer A. (2015). Oil prices & stock market: Evidencefrom KSE & BSE. American Journal of Business, Economics and Management,3(2): 40-44.Sharpe, W. F. (1964). Capital asset prices: A theory of market equilibrium underconditions of risk. The journal of finance, 19(3), 425-442.Taulbee, N. (2005). Influences on the stock market: An examination of the effect ofeconomic variables on the S&P 500. The Park Place Economist, 9, 91-100.Tranding Economic. (2016). Diperolehi pada 25 Disember 2016 daripadahttps://tradingeconomics.com/malaysia/indicatorsTursoy, T., Gunsel, T., & Rjoub, H. (2008). Macroeconomic Factors, the APT and theIstanbul Stock Market. International Research Journal of Finance and 56Economics, Issue 22Twarowska, K., & Kakol, M. (2014). Analysis of Factors Affecting Fluctuations in theExchange Rate of Polish Zloty Against Euro. In Human Capital without Borders:Knowledge and Learning for Quality of Life; Proceedings of the Management,Knowledge and Learning International Conference 2014 (pp. 889-896).ToKnowPress.Umer, U. M., Sevil, G., & Kamili, S. (2015). The Dynamic Linkages betweenExchange Rates and Stock Prices: Evidence from Emerging Markets. Journal ofFinance and Investment Analysis, 4(3).Wu, Y. (2000). Stock Prices and Exchange Rates in a VEC Model--The Case ofSingapore in the 1990s. Journal of Economics and Finance, Volume 24 Number3 Pages 260-274.Yaakop, M. R. M. (2009). Isu Pemisahan Singapura-Malaysia: Rasional KeselamatanPolitik. Jebat: Malaysian Journal of History, Politics and Strategic Studies, 36,62-89Yan, L. (2012). Analysis Of The International Oil Price Fluctuations And ItsInfluencing Factors. American Journal of Industrial and Business Management,2012, 2, 39-46.Zubair, A. (2013). Causal Relationship between Stock Market Index and ExchangeRate: Evidence from Nigeria. CBN Journal of Applied Statistics, Vol. 4 No.2.

Similar Items