Apergis and Payne (2014) studied the relationship between electricity consumption, as a proxy for economic activity and stock prices for a panel of 23 countries for 19 years from 1992 to 2010. They used Co-integration and panel error correction model for analysis and found both long-run and short-run bidirectional causality between share prices and economic activity. Fama (1990) explore the relationship between real economic activity and stock prices. He claims that there are few reasons of significant relationship of real economic activity and stock prices. First, information about future real activity may be reflected in stock prices before the occurrence of that activity.