Sudan'da yerli ve küresel makroekonomik faktörlerin borsa üzerindeki etkisi

This study aimed to examine the impact of global and local macroeconomic factors on the stock market in Sudan using quantile regression methodology for the period 2007 to 2018. The results indicated that the Khartoum stock market returns were influenced by global factors such as the VIX before the separation of Sudan in 2011, while after the separation, the returns were more influenced by local factors including the Murabaha rate, exchange rate, and inflation. The exchange rate was found to have a significant positive impact on the stock market in the second period, while the inflation rate was found to have a significant positive impact as well. On the other hand, the Murabaha rate and OVX were found to have a significant impact in the second period, while they were insignificant in the first period. The VIX was found to have a negative significant impact on the stock market in the second period, while it was insignificant in the first period. These findings suggest that the separation of Sudan in 2011 changed the performance and sensitivity of the Khartoum stock market to different factors and have implications for investors and mark participants.