“…Stock market provides opportunities for brokers and companies to make investments on neutral ground and is one of the primary indicators of a economic condition of the country (Perwej & Perwej, 2012). However, stock market is characterized by nonlinearities, discontinuities, and high-frequency multi-polynomial components because it is interacted with many factors such as political events, general economic conditions, and traders' expectations (Hadavandi, Shavandi, & Ghanbari, 2010).…”