The literature has extensively investigated stock market development and its critical role. Another variety of studies focuses on determining the factors responsible for stock market development. The motivation of the study is to investigate the impact of oil price movement on stock market development in the Southeast Asian economy for the period 1990-2020.study applied several economical tools such as the second-generation panel unit root test widely known as CADF and CIPS, panel cointegration test with error correction term, panel ARDL and nonlinear ARDL. Study findings have revealed that oil price prices are negatively associated with stock market development both long-run and short-run. The nonlinear assessment established a long-run asymmetric association between oil price and stock market development. Refers to asymmetric elasticity, the study documented a negative and statistically significant linkage between asymmetric shocks of oil price and the measures of stock market development.