The effects of macroeconomic variables on stock prices and an application on İMKB

Stock prices is one of the important factors shaping the investment decisions in an stock market. Development of financial markets have made stock markets vulnerable against macroeconomic variables. Development of these markets have introduced necessity of accurately identifying the macro ekonomic variables affecting stock prices for the investment decisions.Under the scope of this thesis; generally information about macro economic variables which affect the stock prices where as in the application field with the help of ?regression analysis? the severity and extent of foreign exchange rate, index of wholesale prices, index of industrial production, index of manufacturing industrial production, gold prices, money supplies, growth, indeks of IMKB-100 and interest rate variables on the stock prices.According to the results, it appeared to be a negative relationship between interest rates and stock prices, whereas the positive relationship between index of wholesale prices, indeks of IMKB-100, growth and stock prices seemed to be exist.