SAUDI CRUDE OIL AND THE GCC STOCK MARKETS: EFFECT OF COVID-19 OUTBREAK?


DOI: https://doi.org/10.15308/finiz-2023-17-21
Authors:
Nikola Stakić
Anas Ali Al-Qudah
Miklesh Prasad Yadav

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Keywords:
Crude oil, GCC economy, COVID-19, Stock markets


Abstract:
This study aims to explore the dynamic connections between Saudi crude oil prices and GCC (Gulf Cooperation Council) equity markets during the COVID-19 outbreak. To represent the Saudi oil market, we utilize the Saudi Aramco share price, while the equity markets of GCC economies are approximated using the DFM General Equity, MSCI Qatar Equity, Kuwait Main Market 50, MSCI Oman Equity, and Bahrain All Share Equity indices, respectively. The data used in our analysis spans from December 31, 2019, to July 31, 2022. The empirical findings of our research indicate that there is no discernible relationship between Saudi crude oil and the Bahrain equity market, both in the short and long term. However, for the other markets examined, we observe a mix of linkages in both the short and long run. Furthermore, our study reveals that the Oman stock market exhibits the most significant influence on the observed dynamics, while the Bahrain equity market appears to be the most responsive to external shocks.

CITATION:

IEEE format

N. Stakić, A. Ali Al-Qudah, M. Prasad Yadav, “Saudi crude oil and the gcc stock markets: effect of covid-19 outbreak?,” in FINIZ 2023 - Sustainable development as a measure of modern business success, Belgrade, Singidunum University, Serbia, 2023, pp. 17-21. doi: 10.15308/finiz-2023-17-21

APA format

Stakić, N., Ali Al-Qudah, A., Prasad Yadav, M. (2023). Saudi crude oil and the gcc stock markets: effect of covid-19 outbreak?. Paper presented at FINIZ 2023 - Sustainable development as a measure of modern business success. doi:10.15308/finiz-2023-17-21

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