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How the price dynamics of energy resources and precious metals interact with conventional and Islamic Stocks: Fresh insight from dynamic ARDL approach

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  • Godil, Danish Iqbal
  • Sarwat, Salman
  • Khan, Muhammad Kamran
  • Ashraf, Muhammad Sajjad
  • Sharif, Arshian
  • Ozturk, Ilhan

Abstract

The study aims to determine the short and long run relationships, and impulsive response effect of energy resources and precious metals on conventional and Islamic stocks through the Dynamic stimulated autoregressive distributed lag error correction model. Monthly time series data from Jun 2002 to Sep 2019 of Dow Jones Conventional and Islamic Stock indices, and commodity prices of gold, silver, platinum, crude oil, gasoline, and natural gas are analyzed. In the case of conventional stocks, results suggest that gasoline and platinum prices have a significant positive impact, whereas gold prices have a significant negative impact in the long run. As far as Islamic stocks are concerned, energy resources prices are found to be insignificant, however, among precious metals, platinum has a significant positive effect, and gold has a negative effect in the long run. Hence, we can infer that energy resources are affecting conventional and Islamic indices differently in the long run, but the impact of precious metal prices on both the indices is the same. Whereas short-run effect and impulse responses of energy resources as well as precious metals are found to be similar on both the indices. The outcomes of this endeavor are substantial for investors, portfolio managers, and policymakers with respect to their investments in conventional and Islamic stock markets.

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  • Godil, Danish Iqbal & Sarwat, Salman & Khan, Muhammad Kamran & Ashraf, Muhammad Sajjad & Sharif, Arshian & Ozturk, Ilhan, 2022. "How the price dynamics of energy resources and precious metals interact with conventional and Islamic Stocks: Fresh insight from dynamic ARDL approach," Resources Policy, Elsevier, vol. 75(C).
  • Handle: RePEc:eee:jrpoli:v:75:y:2022:i:c:s0301420721004785
    DOI: 10.1016/j.resourpol.2021.102470
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    20. Morema, Kgotso & Bonga-Bonga, Lumengo, 2018. "The impact of oil and gold price fluctuations on the South African equity market: volatility spillovers and implications for portfolio management," MPRA Paper 87637, University Library of Munich, Germany.

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