Determining the determinants of share price: A comparative application in BIST-100 and BIST-30 exchange index

Stock markets have many basic functions such as providing liquidity to an economy, spreading capital to the base, facilitating structural changes in the economy and creating resources for the economy. Therefore, it is important to determine the macroeconomic factors that affect the stock market prices. The aim of this study is to determine the determinants of the stock price and to compare the factors affecting the price of Borsa İstanbul - 100 and Borsa İstanbul - 30 Index. The data regarding the model of the study covers the period of 2011/Q1–2022/Q3 and consists of a 47 quarterly data set. In the study, BIST-100 and BIST-30 index price as the dependent variable representing the stock prices, and as independent variables; Dollar/TL rate, interest paid on time deposits up to 3 months, gold ounce price and European Brent oil price are used. The existence of a long-term relationship between the variables was determined by the Johansen cointegration test. It was found that there was no significant difference for the index. Keywords: Borsa İstanbul-30, Borsa İstanbul-100, Johansen co-integration test, FMOLS