摘要：The purpose of this study is to examine the impact of macroeconomic indicators (inflation, interest rate, money supply, oil prices, and unemployment rate) on Kuwait stock market. Basic indicators of Kuwait economy were analyzed using VAR model for the period from January 2001 to Dec 2010 on a monthly basis. A positive association was found between inflation, money supply and oil price in 1-month time and stock return while there is a negative relationship between interest rate in 1-month time and stock return in Kuwait stock market. There is a positive relationship between interest rate in 2-month time and stock return in Kuwait stock market and finally, there is a negative relationship between inflation, money supply and oil prices in 2-month time and stock return in Kuwait stock market.
关键词：Kuwait Stock Market; Arbitrage Pricing Theory; VAR Model
