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Very few studies have investigated the movement in stock returns that result due to
changes in oil prices. In recent years due to cooling down of China, unveiled oil reserves
of Iran, decreasing demand worldwide and discovery of shale gases the world has
experienced a large fall in the oil prices. These changes are also affecting performance
of manufacturing and other associated companies in countries all over the world.
Pakistan has also been affected by these changes in many ways. Especially, the returns
on stock markets have been affected a lot by the variations in the oil prices. This paper
using monthly data set from years 2014 to 2016 of the non-financial firms operated in
Pakistan Stock Exchange (PSX), investigates the effect of variation in oil prices on
returns on stock. Results from the panel data analysis indicate a negative relationship
between the variables. Since, Pakistan is an oil importing, movement in the prices
contribute towards affecting the production cost in a positive manner which in turn
affects the execution of the enterprises as well as returns of the stocks negatively.
Zeeshan Atiq, Muhammad Farhan. (2018) IMPACT OF OIL PRICES ON STOCK RETURNS: EVIDENCE FROM PAKISTAN’S STOCK MARKET, Journal of Social Science and Humanities, Volume 57, Issue 2.
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