It is a known fact that the economic changes occurring in the developed-big economies in the global world affect the whole world. In addition, it cannot be denied that developing countries with similar characteristics also have effect on each other. Due to perception of uncertainty in all over the world, country-based economic and political risks, increases in industrial production and interest rate decisions have a high impact on -the country stock markets. These effects lead to great losses and gains by resulting significant changes in the values of the stock markets. In this study, mutual transition effect based on global economic uncertainty index, country-based geopolitical risk index and the developing stock index was analyzed by SVAR methodology by using monthly data for 1997:01-2020:12 period. with SVAR analysis, it was determined that global and country specific risk factors do not have an important on the stock markets in the results of impulse-responses and variance decomposition, and it was determined that the interaction was stronger between the stocks. In summary, the finding obtained has been showed that pass-through between stocks of Turkey and Brazil is high and that the fluctuation in the stock market of a country with similar structure has strong effects on the other stock market.