Market Reaction to the Covid-19 Pandemic: Evidence from Countries in the Asia Pacific

Yuliana, Indah ORCID: https://orcid.org/0000-0002-6346-7850 (2023) Market Reaction to the Covid-19 Pandemic: Evidence from Countries in the Asia Pacific. International Journal of Social Science and Business, 7 (3). pp. 659-668. ISSN Print ISSN 2614-6533 Online ISSN 2549-6409

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Abstract

The covid-19 pandemic spread rapidly in the Asia Pacific region, causing economic losses, exacerbating
market volatility, and disrupting economic chains in Asia Pacific countries. This study aims to analyze the
differences in capital market reactions before and after the announcement of covid-19 in the Asia Pacific
Region. This study uses an event study approach using a variable stock price index, return, trading volume,
and exchange rate. The research sample was 11 stock exchanges in Asia Pacific countries with purposive
sampling techniques. Data testing using the data normality test and two average difference tests using a
Paired Sample T-Test for normally distributed data and the Wilcoxon Singed Rank-Test test for data that is
not normally distributed. The results showed that (1) there are differences in stock price indices before and
after the announcement of covid-19 cases in Indonesia, Malaysia, Singapore, Mexico, Taiwan, Hong Kong,
and New Zealand. Meanwhile, Thailand, Australia, Japan, and South Korea showed no differences. (2) there
are differences in returns during covid-19 cases in Malaysia and Taiwan. While Indonesia, Singapore,
Thailand, Australia, Japan, South Korea, New Zealand, Mexico, and Hong Kong showed no difference. (3)
There are differences in stock trading volumes during covid-19 cases in Malaysia, Australia, Mexico, and
Hong Kong. Meanwhile, Indonesia, Singapore, Thailand, Japan, South Korea, New Zealand, and Taiwan
showed no difference. (4) There are differences in exchange rates during covid-19 cases in Indonesia,
Malaysia, Singapore, Thailand, Australia, South Korea, New Zealand, Taiwan, and Hong Kong. While in Japan,
it shows no difference

Item Type:	Journal Article
Keywords:	Stock Price Index, Stock Return, Stock Trading Volume, Exchange Rate
Subjects:	15 COMMERCE, MANAGEMENT, TOURISM AND SERVICES > 1502 Banking, Finance and Investment > 150299 Banking, Finance and Investment not elsewhere classified
Divisions:	Faculty of Economics > Department of Management
Depositing User:	indah yuliana
Date Deposited:	19 Feb 2024 14:12

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