This study investigates the effects of political and geopolitical risks on stock markets in emerging market economies. A panel data set containing data between the years 2005-2018 was used in the study. Principal Component Analysis (PCA) method, Parks-Kmenta Estimator, and were used as an econometric method. According to the findings, it has been observed that there is a negative and statistically significant relationship between both political risk and geopolitical risk and stock markets. In this context, the findings of this study indicate that high-risk perceptions towards emerging markets economies limit the investments of both domestic and foreign investors in stock markets.