An impressive body of research has documented that movement in stock prices are highly sensitive to changes in the macroeconomic variables of an economy. Past empirical studies have examined this relationship across different stock markets by either outlining the influence of only domestic...

Many past studies documented a strong evidence of a linkage between stock prices and macroeconomic activities across different stock markets and time horizons. However, most of these studies have focused on developed economies and highlighted the impact of either domestic variables or a few...