文章基本信息

标题：Influence of Oil Prices on Stock Market Performance in Kenya
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作者：Simon Kamau Gatuhi ; Peter Irungu Macharia
期刊名称：International Journal of Management and Business Studies
印刷版ISSN：2231-2463
电子版ISSN：2230-9519
出版年度：2013
卷号：3
期号：4
出版社：Cosmic Journals
摘要：This study examined the relationship between oil prices, exchange rates, interest rates and other macroeconomic variables and the stock market in Kenya. Monthly data of oil prices, interest rates, total country oil consumption, exchange rates and stock market indices are modeled into a linear regression model. Automotive diesel oil prices have been used since diesel is the main product used for i ndustrial product in Kenya among the three main grades imported into th e country. Four hypothesis were used to test th e relationship between the macroeconomic variab les and the performance of the Nairo bi Securities Exchange. The study used secondary data on Diesel prices obtained from the Petroleum Institute of East Africa, data on total oil consumption obtained from the Ministry of Energy, data on exchange rates and interest rates obtained from the Central Bank of Kenya. Pearson correlation and regression were used to test the relationship and significance. The findings indicated that both diesel prices and interest rates have significance relationship with stock market performance. However while the relationship is positive for diesel prices, the relationship for interest rates is negative. The findings also indicated that although both the total oil consumption and exchange rates had a positive relationship with the stock market performance, that relationship was not significant. The findings also indicated a very strong relationship between diesel prices and the exchange rates
关键词：Oil Prices; Exchange Rates; Market Index; Causality