The Behavior of Stock Market Index During the Coronavirus Pandemic in Turkey


  • Ahmed Alsayed University of Milan, Department of Economics, Management and Quantitative Methods, Italy
  • Kivanç Halil Ariç Sivas Cumhuriyet University, Faculty of Economics and Administrative Sciences, Turkey
  • Siok Kun Sek Universiti Sains Malaysia, School of Mathematical Sciences, Malaysia



Borsa Istanbul , Elastic Net-EMB Regression , Coronavirus , Predictability


Recently, the coronavirus (COVID-19) pandemic has affected the economic situation all over the world. The objective of this research is to examine the effect of coronavirus spreading and vaccination rate on the stock market index in Turkey. To do that, we have applied several statistical methods, namely ridge, lasso, principal components, and partial least squares (PLS) regression versus elastic-net regression based on empirical mode decomposition, which can overcome the non-stationary problem and nonlinearity characteristics. The result of using the elastic net regression method based on empirical mode decomposition shows significant effects of coronavirus spreading on the stock market, and it varies based on the intrinsic mode function coefficients and frequencies. The findings of this research could assist practitioners and policymakers to design important strategies in the light of varying stock market dynamics during the coronavirus pandemic.

JEL: C22, E58, G12.


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How to Cite

Alsayed, A., Ariç, K. H., & Sek, S. K. (2024). The Behavior of Stock Market Index During the Coronavirus Pandemic in Turkey. Panoeconomicus, 71(4), 555–570.



Original scientific paper