Knowing the direction and degree of impact of the main factors affecting the level of the stock market index is of great importance for investors to create a successful investment strategy. Accordingly, examining the effects of various economic, political, and psychological factors on stock market indices attracts researchers’ attention. Portfolio theories, which have been modernized with the definition of risk, include some models that explain stock prices. Some models that determine stock prices under modern portfolio theories include macroeconomic variables considered as systematic risk factors. These models analyze the effect of some macroeconomic variables, which are accepted as systematic risk factors, on stock prices. From this point of view, the study aims to evaluate the asymmetric effects of selected macroeconomic variables on the ISE100 index. To achieve this goal, 111-month data sets between January 2012 and March 2021 are initially analyzed with Hatemi-J (2012) Asymmetric Causality Test and then Hatemi-J (2014) Asymmetric Impulse-Response Functions. As a result of the analysis, a significant causality is determined from only the positive shocks of the dollar rate to the negative shocks of the ISE100 index.