The importance of the role of capital markets in resource allocation, evaluation of investment projects and the market boom is completely undeniable. An efficient capital market can cause to allocate resources and direction of desirable capital, investment in the economy and led to the flourishing of the economy. Issue of examining the impact of macroeconomic variables on stock markets is a topic of interest to academics and investors. In general, it is believed that stock prices are determined by some macroeconomic variables such as inflation, exchange rates, gross domestic product and liquidity.

The importance of the role of capital markets in resource allocation, evaluation of investment projects and the market boom is completely undeniable. An efficient capital market can cause to allocate resources and direction of desirable capital, investment in the economy and led to the flourishin...