Cointegrated Variable

Hypothesized No. of CE(s)

Eigenvalue

Trace Statistic

0.5 Critical Value

Prob.

Stock Index, Interest Rates, REER, Copper Price and Oil Price

None

0.2369

80.666

69.818

0.005

At most 1

0.1044

41.986

47.856

0.159

At most 2

0.0992

26.217

29.797

0.122

At most 3

0.0757

11.277

15.494

0.195

At most 4

4.94805

0.0070

3.8414

0.932