ANALYSIS OF THE BRAZILIAN STOCK MARKET THROUGH GRAPH CENTRALITY MEASURES

ABSTRACT This article aims to analyze the shares that make up the Brazilian IBRX100 index, verifying which sectors had the greatest influence on the Stock Exchange in 2018, 2019, and 2020. For this purpose, the theory of graph centrality measures was used to discover the most central shares. A balance analysis of the graphs was also performed, since balanced graphs are more stable, generating a more predictable stock portfolio. This study may help investors to compose a safer stock portfolio and identify which stocks are most correlated with each other. The most central shares can aid in perceiving stock market trends.

摘要 本文旨在分析构成巴西IBRX100指数（IBRX100 Index）的成分股，探究2018、2019及2020年各行业板块对巴西证券交易所的影响程度。为此，本研究采用图中心性测度（graph centrality measures）理论，识别核心程度最高的成分股。同时对所构建的图结构开展平衡性分析，因平衡图具备更强的稳定性，可生成可预测性更优的股票投资组合。本研究可为投资者构建更稳健的股票投资组合提供参考，并助力其识别相关性最强的个股。核心程度最高的成分股亦有助于研判股票市场的整体趋势。