https://www.ijbea.com/ojs/index.php/ijbea/issue/feed 2026-04-24T13:19:30-05:00 Sana N. Maswadeh editor@ijbea.com Open Journal Systems International Journal of Business and Economic Affairs. DOI: 10.24088/ijbea. ISSN: 2519-9986(Online). ISSN: 2520-3258(Print). Abbreviated key title: Int. j. bus. https://www.ijbea.com/ojs/index.php/ijbea/article/view/474 2026-04-24T13:19:30-05:00 Khadija Batool Kashif.hamid@uaf.edu.pk Kashif Hamid Kashif.hamid@uaf.edu.pk

<p>Rising global financial uncertainty has amplified volatility across asset classes and increased synchronization among equity markets, especially in Asia. This study investigates dynamic interlinkages between major Asian stock markets i.e Pakistan (KSE-100), India (BSE SENSEX), and China (SCI) and global asset classes including Gold, Crude Oil, Exchange Rate, and Bitcoin, using daily data from January 1, 2023, to April 30, 2025. To measure both long-run equilibrium and short-run dynamics, the analysis applies the unit root tests, Johansen co-integration, Granger causality. The findings affirm that most of the variables are in integrated order one and have a high degree of long-run co-integration, which implies a high degree of financial integration between the regional stock market and global assets. Although short-run causal relationships are small and market specific, there is evidence of significant interactions between the Indian stock market and the Bitcoin as well as the contribution of the crude oil and exchange rate fluctuations as key sources of volatility transmission. Gold is relatively stable and this fact helps it to be a hedging asset, but The results highlight the increasing interdependence of Asian and global markets, the decreased benefit of diversification in times of increased uncertainty, and significant policy implications to investors and policymakers in emerging Asian economies.</p>

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