The Impact Of The Hamas-Israel Conflict On Stock Market Indices in The Middle East And Turkey: An Event Study Analysis
Abstract
This research examines the impact of political events and conflicts in the Middle East on financial markets. The Hamas-Israel conflict, which began on October 7, 2023, deeply influenced the political dynamics in the region. The study analyzes the stock market indices of significant Middle Eastern countries such as the United Arab Emirates, Israel, Qatar, Egypt, Oman, Jordan, and Turkey. The effects of the conflict on financial markets are assessed using the Event Study method. On the day of the event, the United Arab Emirates and Israel experienced a negative abnormal return at a significance level of 1%, while Qatar and Egypt had a 5% significance level, and Turkey had a 10% significance level. Two days after the event, Israel obtained a negative abnormal return at a significance level of 10%. Four days after the event date, the United Arab Emirates and Oman achieved a negative return at a 1% significance level, whereas Egypt gained a positive abnormal return at a 1% significance level. These findings demonstrate that the Hamas-Israel conflict had a statistically significant impact on stock market indices.
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