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General election effect on the network topology of Pakistan’s stock market: network-based study of a political event

机译：巴基斯坦股市网络拓扑的一般选举效应：基于网络的政治事件研究

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摘要

To examine the interdependency and evolution of Pakistan’s stock market, we consider the cross-correlation coefficients of daily stock returns belonging to the blue chip Karachi stock exchange (KSE-100) index. Using the minimum spanning tree network-based method, we extend the financial network literature by examining the topological properties of the network and generating six minimum spanning tree networks around three general elections in Pakistan. Our results reveal a star-like structure after the general elections of 2018 and before those in 2008, and a tree-like structure otherwise. We also highlight key nodes, the presence of different clusters, and compare the differences between the three elections. Additionally, the sectorial centrality measures reveal economic expansion in three industrial sectors—cement, oil and gas, and fertilizers. Moreover, a strong overall intermediary role of the fertilizer sector is observed. The results indicate a structural change in the stock market network due to general elections. Consequently, through this analysis, policy makers can focus on monitoring key nodes around general elections to estimate stock market stability, while local and international investors can form optimal diversification strategies.
机译：为了审查巴基斯坦股市的相互依存和演变，我们考虑日常股票回报的互相关系数，属于蓝筹股股票交易所（KSE-100）指数。利用最低生成树网络基于基于的基于生成树的方法，我们通过检查网络的拓扑特性并在巴基斯坦三大选举中产生六个最小生成树网络的金融网络文献。我们的结果揭示了2018年大选和2008年之前的明星状结构，以及其他树木结构。我们还突出显示关键节点，存在不同的集群，并比较三选举之间的差异。此外，部门的中心性措施揭示了三个工业部门 - 水泥，石油和天然气和肥料的经济扩张。此外，观察到肥料扇区的强大总体中介作用。结果表明，由于大选，股票市场网络的结构变化。因此，通过这种分析，政策制定者可以专注于监测围绕大选的关键节点来估算股票市场稳定，而当地和国际投资者可以形成最佳的多样化策略。

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