THE RELATIONSHIP BETWEEN COMMODITY PRICES AND STOCK MARKET OF MALAYSIA
TIMMY NG YAU FUNG
THESIS SUBMITTED IN FULFILLMENT FOR THE DEGREE MASTER OF BUSINESS ADMIN
SCHOOL OF BUSINESS AND ECONOMICS UNIVERSITY MALAYSIA SABAH
2011
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UNIVERsm MALAYSIA SABAH
BORANG PENGESAHAN STATUS DISERTASI
lUDUL : HUBUNGAN ANTARA HARGA KOMODITI DAN PASARAN
SAHAM MALAYSIA: MINYAK MENTAH DAN MINYAK
KELAPA SAWIT
DAZAH : SARJANA PENTADBIRAN PERNIAGAAN
SESI PENGAJIAN : 2010 - 2011
. Saya, TIMMY NG YAU FUNG mengaku membenarkan disertasi sarjana ini disimpan di
Perpustakaan Universiti Malaysia Sabah dengan syarat - syarat kegunaan berikut:
1. Disertasi adalah hak milik Universiti Malaysia Sabah.
2. Perpustakaan Universiti Malaysia Sabah dibenarkan membuat salinan untuk
tujuan pengajian sahaja.
3. Perpustakaan dibenarkan membuat salinan disertasi ini sebagai bahan
pertukaran Institusi Pengajian Tinggi.
4. TIDAK TERHAD.
Penulis: Timmy Ng Yau Fung Alamat: Lot 14, Taman Starland,
Jalan Penampang, Kota Kinabalu Sabah
Tarikh: 17 Ogos 2011
Disahkan oleh;
Penyelia: En. mer Azlan Abdul Jamal
UMS UNIVERSITI MALAYSIA SABAH
DECLARATION
I hereby declare that the material in this thesis is my own except for quotations, excerpt, equations, summaries and references, which have been duly acknowledged.
24 June 2011
Timmy Ng Yau Fung
PE2010711SC
UMS UNIVERSITI MALAYSIA SABAH
CERTIFICATION
nMMY NG YAU FUNG
PE2010 - 7115C
NAME
MATRIC NO
mLE THE RELATIONSHIP BETWEEN COMMODITY PRICES AND MALAYSIA STOCK MARKET
DEGREE
VIVA DATE
MASTER OF BUSINESS ADMINISTRATION (MBA)
11th JULY 2011
DECLARED BY
1. SUPERVISOR
DR. ZATUL KARAMAH BINTI AHMAD BAHARUL ULUM
2. SUPERVISOR
MR. AMER AlLAN ABD JAMAL
ii
SIGNATURE
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ACKNOWLEDGEMENT
I would like to express my deepest and sincerest gratitude to my major supervisor,
Dr. Zatul Karamah Binti Ahmad Baharul Ulum and my co-supervisor, Mr. Amer
Azlan Abdul Jamal, for supervising my dissertation paper. Both of them have
provided me a lot of ideas and opinions during the process to complete my
dissertation.
Besides that, I would also like to thank my parents for their supports me to
pursue Master in Business Administration (MBA). They have supported me both
mentally and financial. Meanwhile, a sincere thank you to all my friends for helping
me in completing my dissertation, thanks to Mr. Sing Jia Cheng for willing to check
on grammar errors and Mr. Wong Yii Sing for teaching me about Eviews.
Finally, thank you to all people who gave me support and advice during the
process to complete my dissertation paper.
iii UMS UNIVERSITI MALAYSIA SABAH
ABSTRACT
THE RELATIONSHIP BETWEEN COMMODITIES PRICE AND
MALAYSIA STOCK MARKET: CRUDE OIL AND PALM OIL
Commodities such as crude oil and palm oil are very Important for those emerging
country which depend on the income from commodity export, for example Malaysia.
Meanwhile, stock market is an important barometer or benchmark in measuring the
finance healthy and economic strength of a country. Thus, this paper is to examine
the relationship between commodities price and Malaysia stock market, while the
commodities are crude oil and palm oil. The purpose of this paper is to investigate
whether there is any significant relationship between Malaysia stock market with
monthly crude oil price and palm oil price since January 1997 until December 2008.
Johansen co-integration and Vector Error Correction Model are used to test the
significance of relationship. The result showed that there is inSignificant relationship
between stock market with crude oil price or palm oil price.
iv UMS UNIVERSITI MA~YSIA SABAH
A BSTRAK
Hubungan antara harga komoditi dan pasaran saham Malaysia:
Minyak Mentah dan Minyak Kelapa Sawit
Komoditi seperti minyak mentah dan minyak kelapa sawit amat penting
untuk negara-negara yang sedang membangun/ di mana negara- Negara ini
bergantung kepada pendapatan dari aktiviti mengekspot komoditi,
contohnya Malaysia. Manakala, pasaran saham merupakan piawaian yang
penting untuk menganggarkan kekuatan ekonomi and kewangan dalam
sesebuah negara. Oleh itu, kajian ini adalah untuk mengkaji hubungan
antara haraga komoditi dan pasaran saham, dan komoditi yang dikajii
adalah harga minyak mentah and minyak kelapa sawit. Tujuan kajian ini juga
untuk membuat siasatan samada hubungan yang signifikasi antara pasaran
saham Malaysia dengan harga bulanan minyak mentah dan kelapa sawit
sejak Januari 1997 hingga Disember 2008. "Johansen" KO-integrasidan
"Vedor Error Corredion Model" telah diaplikasi untuk menguji hubungan
signifikasi. Keputusan kajian ini telah menunjukkan bahawa tiada hubungan
yang signifikasi antara pasaran saham Malaysia dengan harga minyak
mentah atau harga minyak kelapa sawit.
v UMS UNIVERSITI MAlAYSIA SABAH
TABLE OF CONTENT
TITLE
DECLARATION
CERTIFICATION
ACKNOWLEDGEMENT
ABSTRACT
ABSTRAK
TABLE OF CONTENT
LIST OF TABLES
LIST OF FIGURES
LIST OF EQUATIONS
LIST OF APPENDIX
CHAPTER 1: INTRODUCTION
1.1 Overview
1.1.1 Commodity
1.1.2 Crude Oil
1.1.3 Palm Oil
1.2 Problem Statement
1.3 Objective of study
1.4 Research Question
1.5 Scope of Study
1.6 Significance of the Study
1.7 Structure of Study
CHAPTER 2: LITERATURE REVIEWS
2.1 Commodity Market
2.2 Malaysia Stock Market
2.3 The impact of commodities price on the economies
2.4 Crude Oil
2.5 Palm Oil
2.6 Previous Study
vi
PAGE
ii
iii
iv
v
vi-viii
ix
x
xi
xii
1-3
3-4
4-5
5-6
6-8
8
9
9
9-10
10
11-12
12
12-13
14
14-15
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2.6.1 Background Theory
2.6.2 Impact of crude oil price to stock market
2.7 Summary
Table of Summary
CHAPTER 3: METHODOLOGY
3.1 Introduction
3.2 Source of Data
3.3 Research Framework
3.4 Research Design
3.5 Research Hypothesis
3.6 Types of test
3.6.1 Unit Root Test
3.6.2 Co- integration test
3.6.3 VAR and VECM
3.6.3.1 Vector Auto Regression (VAR)
3.6.3.2 Vector Error Correction Model (VECM)
CHAPTER 4: RESULT
4.1 Augmented Dickey Fuller Unit Root Test
4.2 Johansen Co-Integration Test
4.3 Vector Error Correction Model
CHAPTER 5 DISCUSSION AND CONCLUSION
5.1 Discussion
5.2 Implications of the study
5.3 limitation
5.4 Suggestion for future study
5.5 Conclusion
BIBLIOGRAPHY
APPENDIX A- MONTHLY DATA
APPENDIX B- UNIT ROOT TEST- STOCK MARKET
vii
16
16-25
25
26-27
28
28
29
29
29
30
30
30-31
31
31-32
32
33-34
34-35
35
36-39
39-40
40
40
40-41
42-46
47-49
50-53
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APPENDIX C- UNIT ROOT TEST- CRUDE OIL PRICES
APPENDIX D- UNIT ROOT TEST- PALM OIL PRICES
APPENDIX E- EQUATION
APPENDIX F- JOHANSEN CO-INTEGRATION
APPENDIX G- VECTOR ERROR CORRECTION MODEL
viii
54-57
58-61
62
63-64
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Table 2.1
Table 4.1.1
Table 4.1.2
Table 4.2.1
Table 4.3.1
LIST OF TABLES
Summary of Literature Review
Augmented Dickey Fuller Unit Root Test in Constant
Augmented Dickey Fuller Unit Root Test in Constant
and Intercept
Johansen Co Integration Test
Vector Error Correction Model (VECM)
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PAGE
26-27
33
34
34-35
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Figures 3.3.1
LIST OF FIGURES
Relationship between commodities price and
Malaysia Stock Market
x
PAGE
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USTOF EQUATIONS
PAGE
Equation 2.1 Arbitrage Pricing Theory 16
Equation 3.6.1 Unit Root Test 30
Equation 3.6.2 Co- Integration Test 31
Equation 3.6.3.1 Vector Auto Regression (VAR) 31-32
Equation 3.6.3.2 Vector Error Correction Model (VECM) 32
Equation 5.1 Arbitrage Pricing Theory 37
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LIST OF APPENDIXES
PAGE
Appendix A Monthly Data 47-49
Appendix B Unit Root Test- Stock Market 50-53
Appendix C Unit Root Test- Crude oil prices 54-57
Appendix 0 Unit Root Test- Palm oil prices 58-61
Appendix E Equation 62
Appendix F Johansen Co-Integration 63-64
Appendix G Vector Error Correction Model 65
xii UMS UNIVERSITI MALAYSIA SABAH
CHAPTER 1
INTRODUCTION
1.1 Overview
Among all the South East Asia countries, Malaysia is one of the countries that
enjoy the open and fast growth economics. Malaysian stock market plays an
important role and contributes to economic growth, especially in the development
of Malaysia financial sector (Baharom, Royfaizal & Habibullah, 2008).
The importance of Malaysia stock market in financial sector cannot be
ignored. Due to Asian Financial Crisis in 1997, Malaysia economic suffered a
serious recession owing to the depreciation value of Ringgit Malaysia. This crisis
led to the collapse of Kuala lumpur Stock Exchange (KLSE), whereby the KLSE
composite index was down 44.8% in 1997 (Azman, Habibullah, law, & Dayang,
2006). The collapse of financial sectors gave a serious downturn in Malaysia stock
market and led to decrease of stock return.
This crisis has shown how important is the role of stock market in Malaysia
financial sector. According to Nandha and Hammoudeh (2007), they mentioned
that 1997 Asian crisis gave a major negative impact to the Asian- Pacific countries.
Since stock market is important, then study should be conducted in examine what
global factor which can influence the movement of stock market besides currency
exchange. This will be an attractive point to study the change of stock market
movement or performance with global factor such as crude oil price (Nandha &
Hammoudeh, 2007).
This is an interesting topic for researchers to study the movement of stock
market. The movement of stock market can be increased or decreased; investors
can monitor the CompOSite Index of KlSE to follow the overall movement of stock
market. The interest in this study of stock market is not just about the market
UMS UNIVERSITI MALAYSIA SABAH
movement, but it is to investigate variables that give an impact to the stock
market movement or factor contributes to the stock market movement.
Previous studies have investigates the relationship between
macroeconomic variables and stock market. In some cases, many researchers had
studied on the relationship between stock price and exchanges rate (Baharom et
aI., 2008). For example, Bahmani and Sohrabian (1992), Nieh and Lee (2001)
have done a research on the long run relationship between stock market and
exchange rates, the results showed that exchange rate does not have a
relationship with the stock prices in United States and G7.
Meanwhile, the study on the relationship between macroeconomics factor
and stock market becomes an important research in the academic field (Adam &
Tweneboah, 2008). Normally macroeconomics variables include exchange rate,
interest rate, industrial production and inflation. Adam & Tweneboah (2008) also
have found out that there is a relationship between macroeconomics variables and
the Ghana's stock price.
Adam and Tweneboah (2008) believed that stock market is of one of the
economic activities, which will be highly influenced by the government monetary
poliCies and macroeconomics issues. The active relationship between
macroeconomics variable and stock market has encouraged many researchers to
study this topic (Adam & Tweneboah, 2008). Sadorsky (1999) mentions that the
interest of study in this topic is because all types of investment in an economy
can be changed due to the inflation which causes by the increases in crude oil
price.
This study will move to the focus of relationship between commodity prices
and stock market. Among the entire commodity, crude oil and palm oil will be
chosen as the commodity in this study. Whereby, the price of crude oil and palm
oil will be used to study the relationship between commodity price and stock
market. Justification of crude oil price, palm oil price and stock market will be
further discussed in Chapter 2, Literature Review.
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There is no previous research founded which directly study the relationship
between palm oil price or crude oil price and Malaysia stock market. This maybe
for the last few decades, crude oil price and palm oil price are not quite important
factors in influencing the movement of Malaysia stock market. However, study
should be conducted in investigating whether there is any significant relationship
between crude oil price or palm oil price with the Malaysia stock market.
This is because crude oil price has recorded to a new high price of
US$ 64.09 in 2005, while palm oil prices hit the new records of US$700 to US$800
in 2007. Any increment of crude oil price and palm oil price can increase the cost
or profit of business. Thus, new high price of crude oil and palm oil might
influence the movement of Malaysia Stock Market. So, research should be
conducted from time to time in examining and monitoring the impact of crude oil
price and palm oil price to Malaysia stock market.
1.1.1 Commodity
There are a few definitions explaining what is commodity. Referring to Geman
(2007), the author mentions that, an economist will define commodity as a
scarcity asset, which will give an important effect to the global and certain country
development.
Commodity can be tangible assets and raw materials, which is demanded
by people for toe purpose of daily usage (Frush, 2008). For example people
demand commodity for consumption, energy usage and production. Producers
need commodities as raw materials to produces the final end products for
consumers. Examples of commodities are gold, metal, lumber, energy fuel, wheat,
corn and many others. Commodities have divided into six major commodity
classes, which are metals, energy fuels, agricultural, livestock, exotics and
financials.
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Frush (2008) mentioned that all commodities have the three characteristics,
which are "Standardization", "Tradability" and "Deliverability". The description of
each characteristic is as below (Frush, 2008):
Standardization
- Tradability
: Same commodity can be measureable in unit.
: Buyers and Sellers are able to trade commodity in
a different market place.
Deliverability : Traders are able to exchange the tangible or actual
physicals commodity with each others. This rule is an exception for
financial commodity.
Commodity market price is fluctuating. The basic fundamental that give
impact on the commodity price is the supply and demand of a commodity in a
market (Somoye, Akintoye, & Oseni, 2009) • When the demand of a commodity is
higher than supply, commodity price will be increased, while commodity price will
decrease when the supply of commodity is higher than demand.
Traders can trade or exchange commodity through a future market.
Chicago Mercantile Exchange (CME) is one of the commodity and derivative
market in USA. It provides financial services, which allow public to trade
commodity globally. Chicago Mercantile Exchange (CME) partners with Bursa
Malaysia Berhad (KLSE) for the purpose in improving commodity trading since
2009.
1.1.2 Crude oil
Since the World War II, the fluctuation of the crude oil prices is more volatile
compared to other commodity prices. Among most of the energy sources in
commodity, crude oil is one of the most important energy (He, Wang, & Lai, 2010).
This is because of large demand of crude oil for transportation and economic
activity. Petroleum consumption also is the largest share in total energy
consumption, whereby reach 36.36% in 2006.
Referring to the historical data, crude oil prices reached around $40 per
barrel in the end of the 1970s and continue to rise since 1999. Between 2007 and
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June 2008, the crude oil prices had doubled and recorded a new high, which was
around $133 per barrel. High increase in crude oil prices can because of certain
issues, such as embargo by OAPEC in 1973, Iranian Revolution in 1978, Iraq War
in 1980 and first Persian Gulf War in 1990 (Chen, 2010). Nowadays, crude oil is
facing a fast change in price and unpredicted trend (due to the huge demand by)
China and India. For example, crude oil prices were just below US$100 in early of
2008 but rose to US$140 in middle of 2008 before dropping to US$40 in the end
of 2008.
According to Zarour (2006), global demand for crude oil has increased
between 2003 and 2004, due to the high demand for crude oil. Thus, increased
crude oil prices had given a negative impact to the economic development, mainly
affected the stock market (Zarour, 2006). Since crude oil is playing an important
role in an economic activity, therefore global economic and financial markets can
be affected by the higher crude oil prices.
1.1.3 Palm Oil
Palm oil is "derived from the flesh of the fruit of the oil palm species E. Guineensis.
In its virgin form, the oil is bright orange-red due to the high content of carotene.
Palm oil is nature gift to Malaysia, and Malaysia's to the World" (Malaysian Palm
Oil Council). In Malaysia context, palm oil is an important input or raw material
which is demanded by producer in producing final food or palm oil products such
as cooking oil margarine, soap and candles (Talib & Darawi, 2002).
Historically, animal fats were the major source of oil which was largely
demanded by the world. However, vegetables oil had overtaken the animal fats in
the past forty years and the price of palm oil had increased to a very high rank
(Gunstone, 2000). Gunstone (2000) mentioned that palm oil has ranked no 10th
with the total global production of 1.26 million tonnes between 1958 and 1962.
The palm oil has been rise to the 2nd rank with the total global production
of 17.93 million tonnes from 1996 to 2000. Soya bean oil is ranked first which is
the major competitor to palm oil. The increasing rank and production of palm oil
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has confirmed that palm oil is one of the major important commodities in the
world. Fast and high demand of palm oil is due to the expansion of the world
population (Basiron, 2001 ).
According to Talib and Darawi (2002), both researchers have found that in
the last three decades, Malaysia has the ability to increase the production of palm
oil and its global market shares. This is due to Malaysia has good requirement in
producing palm oil such as favourable natural environment, encouragement from
government and efficient management. In Malaysia, palm oil is one of the major
sectors in economy development and makes a significant contribution to Malaysia
agriculture industry (Basiron, 2002).
1.2 Problem Statement
Stock market composite index is an economic indicator, which reflects the
performance of overall stock market and the stability of finance sector.
Performance of stock market can be explained as the return of stock market or
price movement of stock. Stock is also known as equity share. Daily, stock market
index can be increased or decreased, due to the overall stock price movement.
Then what is the underlying force which makes the stock market index decrease
or increases?
Fundamentally, stock price is influenced by the theory of supply and
demand (Somoye, Akintoye, &. Oseni, 2009). When there are more investor buy or
demand stock, the price will increase. If people are selling the stock then the price
will decrease. However, Somoye, Akintoye and Oseni (2009) have mentioned that
equity can be influenced by two group variables which are macroeconomics and
microeconomics. Macroeconomics factor can be viewed as inflation, whereas
microeconomics is the earnings and dividend of equity share (Somoye, Akintoye, &.
Oseni, 2009)
According to Gomper, Joy and Metrick (2003), they have supported that
information about share dividend and earnings are giving significant impact to the
stock price. Negative or positive earnings information can give a significant impact
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on the stock price (Hartono, 2004). Correlations between stock price and dividend
also have been supported by Docking & Koch (2005). Therefore, micro-economic
factor such as share' dividend is giving impact on the stock market or price
movement.
In the study of AI-Qenae and others (2002) on Kuwait Stock Exchange,
they found that the macro- economic factors had given negative impact on stock
prices. In a study on Nigerian equity market which was done by Udegbunam and
Eriki (2001), they have obtained a result that inflation was uncorrelated with the
stock price movement. However, Adam and Tweneboah (2008) prove that
inflation gives a significant impact on the Ghana Stock Market movement. Same as
Japan stock, the stock return also significant influenced by inflation (Hamao, 1988)
In the context of Asian countries such as India, Japan, Korea, Malaysia and
Philippines, there is a study done by Habibullah, Baharom and Fong (2009), which
contributes to the impact of inflation on stock market return and volatility. They
have found out that stock market return is difficult to be predicted by inflation rate
but inflation rate gives significant impact to these countries stock market
movement and return.
According to Sadorsky (1999) and Papapetrou (2001) , both researchers
agree that most of the previous studies are focusing or studying on the
relationship between crude oil price shocks and macroeconomic variable, while
there is relatively little investigation on the relationship between crude oil price
shocks and financial markets.
Chen (2010) has mentioned that only relatively few previous literatures
which study on the dynamic relationship between crude oil prices and stock
market prices. Arouri and Nguyen (2010) agree that there are very few studies
which investigate the dynamic relationship between crude oil price variations and
stock market. Meanwhile, Fills, Degiannakis, and Floros (2011) also agree there
have been very few studies on the correlation between stock price and crude oil
prices, even though the literature studies in these markets are growing up.
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By going through above studies, we can understand that macroeconomics
and microeconomics give different impact on stock market price movement. While
economics factors influence the movement of stock market index, does the
commodity price play the same role as other economic variables?
Malaysia is one of the net exporters of crude oil (Nandha & Hammoudeh,
2007) and palm oil (Basiron, 2002) in the world. Besides that, no previous study
was found on looking at the relationship between crude oil prices or palm oil
prices and Malaysia stock market. So, we need to investigate whether the
fluctuation of crude oil price and palm oil price gives an impact on Malaysia stock
market. Palm oil is the main production in Malaysia, so there are numerous huge
amounts of commodity transactions done in Malaysia.
Thus, we can study that whether commodity price can become an indicator
and signal in predict the movement of Malaysia stock market. Besides that, we
will study the relationship or impact between commodity price and Malaysia stock
market movement. Finally, crude oil price and palm oil price will covered in study
the relationship between commodity price and stock market in Malaysia.
1.3 Objective of study
In general, the objective of this research is to study the relationship between
commodity prices and stock market. The specific objective of this study is as
below:
a) To investigate the relationship between crude oil price and Malaysia Stock
Market.
b) To investigate the relationship between palm oil price and Malaysia Stock
Market.
c) To investigate the significant impact between price of crude oil and palm
oil on Malaysia Stock Market.
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1.4 Research Question
In order to study on the relationship between commodity prices and stock market,
research question is important in understand the direction of this study. Research
question also provide a framework in complete this study. Thus, the research
questions are as below:
a) Does commodity price such as crude oil influence the movement of stock
market in Malaysia?
b) Does commodity price such as palm oil influence the movement of stock
market in Malaysia?
c) Between price of crude oil and palm oil, which one will give more
significant impact to the Malaysia Stock Market?
1.S Scope of study
This study will focus on the Malaysia Stock Market, which Is known as Kuala
Lumpur Stock Exchange. Malaysia has been chosen in this study because it is one
of the countries in South East Asia, which enjoys an open and fast growth
economics (Baharom, Royfaizal, & Habibullah, 2008).
In the same time, crude oil and palm oil have been chosen in this study
because Malaysia is the net exporter of crude oil (Nandha & Hammoudeh, 2007)
and also the main producer of palm oil (Basi ron, 2002). Consequently, this study
covers the impact of crude oil and palm oil prices in Malaysia, which is the
exporting and producer country. Meanwhile, the period of this study will be
covered from January 1997 until December 2008.
1.6 Significant of study
The contribution of this study can be split into two parts; the first part is the
academic contribution while the second part is the practical contribution.
The contribution of this study to the academic is the understanding of the
relationship between commodity prices and stock market. This study also will
contribute to the literature of study in the relationship between commodity price
and stock market since previous study in this matter is very few. The knowledge
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of this study is focusing on what the impact of commodity price on Malaysia stock
market, especially the crude oil and palm oil which are the major commodities
around the world.
In favour of practical purpose, this study provides a contribution to
investors in understanding the relationship between commodity price and stock
market. This is one of the objectives of an investor in predicting the movement or
behaviour of stock market (Johnson & Senen, 2009) in order to gain profit.
Perhaps investor can apply the relationship between commodity price and stock
market movement in predicting the trend of the stock market.
It is not just for the profit, but also about the risk of investing in stock.
Once investors understand the relationship between commodity price and stock
market, crude oil or palm oil price may be an indicator and signal for them to
make decision to buy or sell the equity. When there is any fluctuation in crude oil
price, perhaps investors can make an early decision to diversify the risk of equity.
1.7 Structure of study
In the beginning of this chapter, this study has begun with the overview of
Malaysia Stock Market, followed by the brief explanation on commodity. Further
discussion also had done on the crude oil and palm oil.
Chapter 2 will be focus on the literature review, which will discuss and
make justification on the relationship between commodities and stock market.
Discussion is based on the previous study and literature.
Chapter 3 will be the methodology used to investigate or study the
relationship between commodity price and stock market, while Chapter 4 will be
the result of this study. Chapter 5 will be the discussion on the result of the study
and the last chapter 5 will be the conclusion for the whole research.
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AI-Qenae, R., U, C., & Wearing, B. (2002). The Information Content of Earnings on Stock Prices: The Kuwait Stock Exchange. Multinational Finance Journal, 6.
Arouri, M. E. (2011). Does crude oil move stock markets in Europe? A sector investigation . Economic Modelling.
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Alman, S. W., Habibullah, M., Law,S., & Dayang, A. A. (2006). Stock Prices, exchange rates and causality in Malaysia: a note. The ICFAI Journal of Anancial Economics, 5, 7-13.
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Bahmani, O. M., & Sohrabian, A. (1992 ). Stock prices and the effective exchange rate of the dollar. Applied Economics, 36-47.
Bahser, S. A., & Sadorsky, P. (2006). Oil price risk and emerging stock markets. Global finance Journal 17, 224-251.
Basher, S. A., Haug, A. A., & Sadorsky, P. (2010). Oil Prices, Exchange Rates and Emerging Stock Markets.
Basiron, Y. (2001 ). Global Oils and Fats Business: Challenges in the New Millenium. Oil Palm Industry Economic Journal Vol 1 , 1-9.
Basiron, Y. (2002). Palm Oil and its Global Supply and Demand Prospects. Oil Palm Industry Economic Journal Vol 2, 1- 10.
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