ABSTRACT: Natural disasters such as severe earthquakes have a significant impact on the economy, and as a result, the financial markets and investors should take this into account. Turkey is one of the places where natural disasters like these occur frequently due to its geography and its economy is severely impacted by the earthquakes. On February 6th, 2023, at 04:17 and 13:24, two huge earthquakes with a magnitude of Mw 7.7 and Mw 7.6 occurred, the epicenters of which were Pazarcık and Elbistan (Kahramanmaraş), respectively. In this study, the effect of such a great disaster on the stock prices in Turkey on industry basis is investigated. In this context, the current study will evaluate the shock impact of the Kahramanmaraş centered twin earthquake disasters on the stock prices of stone&soil companies by the event study method. The study’s findings may contribute to the existing literature by shedding light on the potential reactions of investors and stone&soil stocks to destructive disasters.

KEYWORDS -Natural Disasters, Earthquake, Event study, Borsa İstanbul, Stone&Soil Index