S/N

Location

Variables

Negative

1

India

Market capitalisation on real GDP

Lakshmanasamy (2021)

2

Saudi Arabia

Market capitalisation on real GDP

Algaeed (2021)

3

Kuwait

Market capitalisation on real GDP

Al-Kandari et al. (2020)

4

Malaysia

Market capitalisation on real GDP

Derk (2020)

5

Nigeria

Market capitalisation on real GDP

Adesina-Uthman (2020) , Agu Bertram (2018) , Alajekwu and Achugbu (2012)