Covid-19 dan The Stock Reaction Of Islamic Banking In Asia
DOI:
https://doi.org/10.24269/mjse.v4i2.9373Abstract
The number of COVID-19 cases that hit Asia also put pressure on the economy and turmoil in several stock markets. This study aims to see the reaction of Islamic banking stocks in Asia to the announcement of COVID-19 as a global pandemic by WHO. This research uses an event study method with an observation period of 10 days after and before the event day. Data were obtained through the stock trading website, and 43 banking samples from 11 countries were observed. Data analysis used One-Sample T-Test, Paired Sample T-Test, One Sample Wilcoxon Signed Rank Test, and Paired Sample Wilcoxon Signed Rank Test with the help of SPSS 21.0 tools. The results showed that there was a significant AAR around the event days. And there is a difference in CAAR before and after the event day. These results were accompanied by a negative CAAR value after the event period, which confirmed that Islamic banking stocks in Asia responded negatively to the announcement of COVID-19 by WHO. The robustness test results show that ASEAN is the most reacted region compared to the GCC, South Asia, and other areas.
References
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Al-maadid, Alhazbi, & Al-thelaya, (2020) Since January 2020 Elsevier has created a COVID-19 resource centre with free information in English and Mandarin on the novel coronavirus COVID- 19 . The COVID-19 resource centre is hosted on Elsevier Connect , the company ’ s public news and information . January.
Al-roumi, (2021). Covid-19 ’ S Impact on the Kuwaiti Banks ’ Stock Performance. IX(2), 57–71.
Alabbad, & Schertler, (2022). COVID-19 and bank performance in dual-banking countries: an empirical analysis. In Journal of Business Economics (Vol. 92, Issue 9). Springer Berlin Heidelberg. https://doi.org/10.1007/s11573-022-01093-w
AlAli, (2020). The Effect of WHO COVID-19 Announcement on Asian Stock Markets Returns: An Event Study Analysis. Journal of Economics and Business, 3(3), 1051–1054. https://doi.org/10.31014/aior.1992.03.03.261
Albaity, Mallek & Mustafa, (2022). Bank Stock Return Reactions to the COVID-19 Pandemic: The Role of Investor Sentiment in MENA Countries. Risks, 10(2), 1–15. https://doi.org/10.3390/risks10020043
Aliani, K., Al-kayed, L., & Boujlil, R. (2022). COVID-19 effect on Islamic vs. conventional banks’ stock prices: Case of GCC countries. Journal of Economic Asymmetries, 26(July), 263. https://doi.org/10.1016/j.jeca.2022.e00263
Azmi, N. N., Ruhadi, R., & Barnas, B. (2021). Analisis Abnormal Return dan Trade Volume Acivity Sebelum dan Sesudah Pengumuman Kebijakan Restrukturisasi Kredit Pandemi Covid-19. Indonesian Journal of Economics and Management, 2(1), 154–164. https://doi.org/10.35313/ijem.v2i1.3111
Bales, S., & Burghof, H.-P. (2022). Pandemic waves, government response, and bank stock returns: evidence from 36 countries. Fulbright Review of Economics and Policy, 2(1), 20–34. https://doi.org/10.1108/frep-11-2021-0070
Bank, A. D. (2020). Pertumbuhan Ekonomi di Kawasan Asia Berkembang Terkontraksi pada 2020. https://www.adb.org/id/news/developing-asias-economic-growth-contract-2020
Brindha, K., & Sathyasree, C. M. (2022). Banking Sector Performance During the Covid-19 Crisis. In Policy Research Working Paper (Vol. 21, Issue 7). https://doi.org/10.37896/YMER21.07/16
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Ellahi, N., Ur Rehman, J., Sulehri, A., Ahmad, M. A., & Qureshi, T. (2021). Investigating the Impact of COVID 19 Outbreak on Stock Market Returns: Evidence from Pakistan. International Journal of Innovation, Creativity and Change. Www.Ijicc.Net, 15(5), 2021. www.ijicc.net
Fatimah, N. M., & Maftukhah, I. (2022). Analysis of Government Stimulus Policy Facing the Covid-19 Pandemic on Abnormal Share Returns ( Study on LQ-45 Shares ). Atlantis, 204, 30–33.
Hamurcu, Ç., & Öner, M. H. (2021). The Impact of Covid-19 Pandemic on Participation Index in Turkey: A Behavioral Finance Approach. Journal of Financial Economics and Banking, 2(2), 15–23.
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Irfan, M., Kassim, S., & Dhimmar, S. (2021). Impact of Covid-19 on Islamic Stock Markets: An Investigation using Threshold Volatility and Event Study Models. International Journal of Islamic Economics and Finance (IJIEF), 4(1), 121–148. https://doi.org/10.18196/ijief.v4i1.10480
Ji, X., Bu, N. (Tom), Zheng, C., Xiao, H., Liu, C., Chen, X., & Wang, K. (2022). Stock market reaction to the COVID-19 pandemic: an event study. Portuguese Economic Journal, 0123456789. https://doi.org/10.1007/s10258-022-00227-w
Junaedi, D., & Salistia, F. (2020). Dampak Pandemi COVID-19 Terhadap Pertumbuhan Ekonomi Negara-Negara Terdampak. In Simposium Nasional Keuangan Negara (pp. 995–1115).
Kakhkharov, J., & Bianchi, R. J. (2022). COVID-19 and policy responses: Early evidence in banks and FinTech stocks. Pacific Basin Finance Journal, 74(July). https://doi.org/10.1016/j.pacfin.2022.101815
Kashif, M., Sultana, F., Atif, M., Aslam, M., Sarwar, A., Awan, U. F., & Hanif, M. W. (2023). COVID-19 Attack on Stock Markets: Event Study and Panel Data Analysis of Organization of Islamic Countries (OIC). Journal of Economic Impact, 5(1), 50–63. https://doi.org/10.52223/jei5012306
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Khaled AL-Naif, Mohammad Almashaqbeh, N. R. M. S. A. (2020). The Effect of WHO COVID-19 Announcement on Asian Stock Markets Returns: An Event Study Analysis. Journal of Economics and Business, 3(3), 3912–3922. https://doi.org/10.31014/aior.1992.03.03.261
Kordestani, A., Pashkevich, N., Oghazi, P., Sahamkhadam, M., & Sohrabpour, V. (2022). Effects of the COVID-19 pandemic on stock price performance of blockchain-based companies. Economic Research-Ekonomska Istrazivanja , 35(1), 3206–3224. https://doi.org/10.1080/1331677X.2021.1986676
Kouki, F., & Cherni, F. (2022). Stock Markets and COVID-19 Outbreak Spillover Effects: Evidence from the MENA Region. Review of Economics and Finance, 20, 978–1000. https://doi.org/10.55365/1923.X2022.20.110
Kumarapperuma, O., Deyshappriya, N. P. R., & Rajapaksha, R. M. M. C. (2021). Impact of COVID-19 on Stock Return in Asian Stock Markets. South Asian Journal of Business Insights, 1(2), 24. https://doi.org/10.4038/sajbi.v1i2.26
Latorre, G. R., Santella, G., & Sharma, C. (2020). Standing firm on shifting sands: Global Banking M&A outlook H2 2020. July, 1–27. https://assets.kpmg/content/dam/kpmg/xx/pdf/2020/07/standing-firm-on-shifting-sands.pdf
Mansour, H., Hassan, S., & Abdel Aziz, S. (2021). The impact of COVID-19 on MENA region stock markets. المجلة العلمية لکلية التجارة (أسيوط), 41(73), 359–382. https://doi.org/10.21608/sjcf.2021.246545
Masfiatun. (2021). Dampak Covid-19 Dan Variabel Makro Ekonomi Terhadap Stabilitas Perbankan Syariah Di Indonesia. Jurnal Ilmiah Akuntansi Dan Keuangan, 04(01), 27–39.
Medhioub, I., & Chaffai, M. (2018). Islamic finance and herding behavior: an application to Gulf Islamic stock markets. Review of Behavioral Finance, 10(2), 192–206. https://doi.org/10.1108/RBF-02-2017-0014
Mirza, N., Kumail, S., Rizvi, A., Saba, I., & Naqvi, B. (2020). Since January 2020 Elsevier has created a COVID-19 resource centre with free information in English and Mandarin on the novel coronavirus COVID- 19 . The COVID-19 resource centre is hosted on Elsevier Connect , the company ’ s public news and information . January.
Mishra, P. K., & Mishra, S. K. (2020). Corona Pandemic and Stock Market Behaviour: Empirical Insights from Selected Asian Countries. Millennial Asia, 11(3), 341–365. https://doi.org/10.1177/0976399620952354
Nawazish, Kumail, S., Rizvi, A., Saba, I., Naqvi, B., & Yarovaya, L. (2022). The resilience of Islamic equity funds during COVID-19 : Evidence from risk adjusted performance , investment styles and volatility timing. International Review of Economics and Finance, 77(July 2021), 276–295. https://doi.org/10.1016/j.iref.2021.09.019
Nuraini Rachmawati, E., Saputra, R., Sintya Prihatin, D., & Ria Yusnita, R. (2021). Dampak Penerapan Lockdown Terhadap Pergerakan Harga Saham Pada Negara Di ASEAN. Jurnal Ekonomi KIAT, 32(1), 110–121. https://doi.org/10.25299/kiat.2021.vol32(1).7791
Octaviana, R. (2022). COVID-19 dan Pasar Modal Syariah : Pendekatan Regresi Korelasi Kanonikal. Al-Tijary, 8(1), 57–67.
Pandey, D. K., & Kumari, V. (2021). Event study on the reaction of the developed and emerging stock markets to the 2019-nCoV outbreak. International Review of Economics and Finance, 71(January), 467–483. https://doi.org/10.1016/j.iref.2020.09.014
Safti, A. El. (2020). The Covid-19 Effect On The Global Financial System And Effort To Counter It. In Trend Research & Advisory. https://trendsresearch-org.translate.goog/id/product/the-covid-19-effect-on-the-global-financial-system-and-efforts-to-counter-it/?_x_tr_sl=auto&_x_tr_tl=id&_x_tr_hl=en&_x_tr_pto=wapp
Saleem, A., Bárczi, J., & Sági, J. (2021). COVID-19 and Islamic Stock Index: Evidence of Market Behavior and Volatility Persistence. Journal of Risk and Financial Management, 14(8), 389. https://doi.org/10.3390/jrfm14080389
SHAIK, A. R. (2021). COVID-19 Pandemic and the Reaction of Asian Stock Markets: Empirical Evidence from Saudi Arabia. The Journal of Asian Finance, Economics and Business, 8(12), 1–7. https://doi.org/10.13106/jafeb.2021.vol8.no12.0001
Singh, B., Dhall, R., Narang, S., & Rawat, S. (2020). The Outbreak of COVID-19 and Stock Market Responses: An Event Study and Panel Data Analysis for G-20 Countries. Global Business Review. https://doi.org/10.1177/0972150920957274
Siska, E., Lestari, N. P., & Amalia, M. (2021). Satu Tahun Virus Corona: Analisis Pergerakan Harga Saham Bank Syariah di Lantai Bursa. Jurnal Ilmiah Ekonomi Islam, 7(03), 1253–1260. http://jurnal.stie-aas.ac.id/index.php/jie
Smolo, E., Jahangir, R., Nagayev, R., & Aysan, A. F. (2023). Performances of leading Islamic finance markets prior to and during the COVID-19 pandemic. Heliyon, 9(1), e12870. https://doi.org/10.1016/j.heliyon.2023.e12870
Suhail, M., Ahmad, G., & Ashraf, D. (2020). Systemic risk, islamic bank, and the COVID-19 pandemic : an empirical investigation. January.
Tang, C. H., Lee, Y. H., Liu, W., & Wei, L. (2022). Effect of the Universal Health Coverage Healthcare System on Stock Returns During COVID-19: Evidence From Global Stock Indices. Frontiers in Public Health, 10(July), 1–12. https://doi.org/10.3389/fpubh.2022.919379
Wira, D. (2014). Analisa Fundamental SAHAM.pd. EXCEED.
Al-Kandari, A., AlRoomy, M., & Al-Roumi, K. (2022). The Influence of the COVID-19 on the GCC Stock Markets. International Journal of Business and Management, 17(4), 42. https://doi.org/10.5539/ijbm.v17n4p42
Al-maadid, Alhazbi, & Al-thelaya, (2020) Since January 2020 Elsevier has created a COVID-19 resource centre with free information in English and Mandarin on the novel coronavirus COVID- 19 . The COVID-19 resource centre is hosted on Elsevier Connect , the company ’ s public news and information . January.
Al-roumi, (2021). Covid-19 ’ S Impact on the Kuwaiti Banks ’ Stock Performance. IX(2), 57–71.
Alabbad, & Schertler, (2022). COVID-19 and bank performance in dual-banking countries: an empirical analysis. In Journal of Business Economics (Vol. 92, Issue 9). Springer Berlin Heidelberg. https://doi.org/10.1007/s11573-022-01093-w
AlAli, (2020). The Effect of WHO COVID-19 Announcement on Asian Stock Markets Returns: An Event Study Analysis. Journal of Economics and Business, 3(3), 1051–1054. https://doi.org/10.31014/aior.1992.03.03.261
Albaity, Mallek & Mustafa, (2022). Bank Stock Return Reactions to the COVID-19 Pandemic: The Role of Investor Sentiment in MENA Countries. Risks, 10(2), 1–15. https://doi.org/10.3390/risks10020043
Aliani, K., Al-kayed, L., & Boujlil, R. (2022). COVID-19 effect on Islamic vs. conventional banks’ stock prices: Case of GCC countries. Journal of Economic Asymmetries, 26(July), 263. https://doi.org/10.1016/j.jeca.2022.e00263
Azmi, N. N., Ruhadi, R., & Barnas, B. (2021). Analisis Abnormal Return dan Trade Volume Acivity Sebelum dan Sesudah Pengumuman Kebijakan Restrukturisasi Kredit Pandemi Covid-19. Indonesian Journal of Economics and Management, 2(1), 154–164. https://doi.org/10.35313/ijem.v2i1.3111
Bales, S., & Burghof, H.-P. (2022). Pandemic waves, government response, and bank stock returns: evidence from 36 countries. Fulbright Review of Economics and Policy, 2(1), 20–34. https://doi.org/10.1108/frep-11-2021-0070
Bank, A. D. (2020). Pertumbuhan Ekonomi di Kawasan Asia Berkembang Terkontraksi pada 2020. https://www.adb.org/id/news/developing-asias-economic-growth-contract-2020
Brindha, K., & Sathyasree, C. M. (2022). Banking Sector Performance During the Covid-19 Crisis. In Policy Research Working Paper (Vol. 21, Issue 7). https://doi.org/10.37896/YMER21.07/16
Buft, T., Khan, A., & Ahmed, E. (2020). Capital_Market_Reactions_to_th. The Economy Research Guardian, 10(Economic), 97–121.
Destiana, W. (2021). OJK_ Resiliensi Ekonomi dan Keuangan Syariah RI Sukses Dorong Pemulihan - Medcom. IDX.
Domat, C. (2023). Islamic Finance Confronts Global Pandemic. https://www.gfmag.com/about-us/
Ellahi, N., Ur Rehman, J., Sulehri, A., Ahmad, M. A., & Qureshi, T. (2021). Investigating the Impact of COVID 19 Outbreak on Stock Market Returns: Evidence from Pakistan. International Journal of Innovation, Creativity and Change. Www.Ijicc.Net, 15(5), 2021. www.ijicc.net
Fatimah, N. M., & Maftukhah, I. (2022). Analysis of Government Stimulus Policy Facing the Covid-19 Pandemic on Abnormal Share Returns ( Study on LQ-45 Shares ). Atlantis, 204, 30–33.
Hamurcu, Ç., & Öner, M. H. (2021). The Impact of Covid-19 Pandemic on Participation Index in Turkey: A Behavioral Finance Approach. Journal of Financial Economics and Banking, 2(2), 15–23.
Hasan, B., Rashid, M., & Shafiullah, M. (2022). How resilient are Islamic financial markets during the COVID-19 pandemic? Pacific-Basin Finance Journa, 74(January).
Herlianto, D. (2013). Manajemen Investasi Plus. Pustaka Baru.
ICIEC. (2023). THE FUTURE OF ISLAMIC FINANCE IN A COVID-19 WORLD. Islamic Development Bank Group. https://iciec.isdb.org/insights/future-of-islamic-finance/
Irfan, M., Kassim, S., & Dhimmar, S. (2021). Impact of Covid-19 on Islamic Stock Markets: An Investigation using Threshold Volatility and Event Study Models. International Journal of Islamic Economics and Finance (IJIEF), 4(1), 121–148. https://doi.org/10.18196/ijief.v4i1.10480
Ji, X., Bu, N. (Tom), Zheng, C., Xiao, H., Liu, C., Chen, X., & Wang, K. (2022). Stock market reaction to the COVID-19 pandemic: an event study. Portuguese Economic Journal, 0123456789. https://doi.org/10.1007/s10258-022-00227-w
Junaedi, D., & Salistia, F. (2020). Dampak Pandemi COVID-19 Terhadap Pertumbuhan Ekonomi Negara-Negara Terdampak. In Simposium Nasional Keuangan Negara (pp. 995–1115).
Kakhkharov, J., & Bianchi, R. J. (2022). COVID-19 and policy responses: Early evidence in banks and FinTech stocks. Pacific Basin Finance Journal, 74(July). https://doi.org/10.1016/j.pacfin.2022.101815
Kashif, M., Sultana, F., Atif, M., Aslam, M., Sarwar, A., Awan, U. F., & Hanif, M. W. (2023). COVID-19 Attack on Stock Markets: Event Study and Panel Data Analysis of Organization of Islamic Countries (OIC). Journal of Economic Impact, 5(1), 50–63. https://doi.org/10.52223/jei5012306
KEMENKO.RI. (2020). Insentif Pemerintah Dukung Pasar Modal Bertahan di Tengah Pandemi. Ekon.Go.Id. https://www.ekon.go.id/publikasi/detail/745/insentif-pemerintah-dukung-pasar-modal-bertahan-di-tengah-pandemi
Khaled AL-Naif, Mohammad Almashaqbeh, N. R. M. S. A. (2020). The Effect of WHO COVID-19 Announcement on Asian Stock Markets Returns: An Event Study Analysis. Journal of Economics and Business, 3(3), 3912–3922. https://doi.org/10.31014/aior.1992.03.03.261
Kordestani, A., Pashkevich, N., Oghazi, P., Sahamkhadam, M., & Sohrabpour, V. (2022). Effects of the COVID-19 pandemic on stock price performance of blockchain-based companies. Economic Research-Ekonomska Istrazivanja , 35(1), 3206–3224. https://doi.org/10.1080/1331677X.2021.1986676
Kouki, F., & Cherni, F. (2022). Stock Markets and COVID-19 Outbreak Spillover Effects: Evidence from the MENA Region. Review of Economics and Finance, 20, 978–1000. https://doi.org/10.55365/1923.X2022.20.110
Kumarapperuma, O., Deyshappriya, N. P. R., & Rajapaksha, R. M. M. C. (2021). Impact of COVID-19 on Stock Return in Asian Stock Markets. South Asian Journal of Business Insights, 1(2), 24. https://doi.org/10.4038/sajbi.v1i2.26
Latorre, G. R., Santella, G., & Sharma, C. (2020). Standing firm on shifting sands: Global Banking M&A outlook H2 2020. July, 1–27. https://assets.kpmg/content/dam/kpmg/xx/pdf/2020/07/standing-firm-on-shifting-sands.pdf
Mansour, H., Hassan, S., & Abdel Aziz, S. (2021). The impact of COVID-19 on MENA region stock markets. المجلة العلمية لکلية التجارة (أسيوط), 41(73), 359–382. https://doi.org/10.21608/sjcf.2021.246545
Masfiatun. (2021). Dampak Covid-19 Dan Variabel Makro Ekonomi Terhadap Stabilitas Perbankan Syariah Di Indonesia. Jurnal Ilmiah Akuntansi Dan Keuangan, 04(01), 27–39.
Medhioub, I., & Chaffai, M. (2018). Islamic finance and herding behavior: an application to Gulf Islamic stock markets. Review of Behavioral Finance, 10(2), 192–206. https://doi.org/10.1108/RBF-02-2017-0014
Mirza, N., Kumail, S., Rizvi, A., Saba, I., & Naqvi, B. (2020). Since January 2020 Elsevier has created a COVID-19 resource centre with free information in English and Mandarin on the novel coronavirus COVID- 19 . The COVID-19 resource centre is hosted on Elsevier Connect , the company ’ s public news and information . January.
Mishra, P. K., & Mishra, S. K. (2020). Corona Pandemic and Stock Market Behaviour: Empirical Insights from Selected Asian Countries. Millennial Asia, 11(3), 341–365. https://doi.org/10.1177/0976399620952354
Nawazish, Kumail, S., Rizvi, A., Saba, I., Naqvi, B., & Yarovaya, L. (2022). The resilience of Islamic equity funds during COVID-19 : Evidence from risk adjusted performance , investment styles and volatility timing. International Review of Economics and Finance, 77(July 2021), 276–295. https://doi.org/10.1016/j.iref.2021.09.019
Nuraini Rachmawati, E., Saputra, R., Sintya Prihatin, D., & Ria Yusnita, R. (2021). Dampak Penerapan Lockdown Terhadap Pergerakan Harga Saham Pada Negara Di ASEAN. Jurnal Ekonomi KIAT, 32(1), 110–121. https://doi.org/10.25299/kiat.2021.vol32(1).7791
Octaviana, R. (2022). COVID-19 dan Pasar Modal Syariah : Pendekatan Regresi Korelasi Kanonikal. Al-Tijary, 8(1), 57–67.
Pandey, D. K., & Kumari, V. (2021). Event study on the reaction of the developed and emerging stock markets to the 2019-nCoV outbreak. International Review of Economics and Finance, 71(January), 467–483. https://doi.org/10.1016/j.iref.2020.09.014
Safti, A. El. (2020). The Covid-19 Effect On The Global Financial System And Effort To Counter It. In Trend Research & Advisory. https://trendsresearch-org.translate.goog/id/product/the-covid-19-effect-on-the-global-financial-system-and-efforts-to-counter-it/?_x_tr_sl=auto&_x_tr_tl=id&_x_tr_hl=en&_x_tr_pto=wapp
Saleem, A., Bárczi, J., & Sági, J. (2021). COVID-19 and Islamic Stock Index: Evidence of Market Behavior and Volatility Persistence. Journal of Risk and Financial Management, 14(8), 389. https://doi.org/10.3390/jrfm14080389
SHAIK, A. R. (2021). COVID-19 Pandemic and the Reaction of Asian Stock Markets: Empirical Evidence from Saudi Arabia. The Journal of Asian Finance, Economics and Business, 8(12), 1–7. https://doi.org/10.13106/jafeb.2021.vol8.no12.0001
Singh, B., Dhall, R., Narang, S., & Rawat, S. (2020). The Outbreak of COVID-19 and Stock Market Responses: An Event Study and Panel Data Analysis for G-20 Countries. Global Business Review. https://doi.org/10.1177/0972150920957274
Siska, E., Lestari, N. P., & Amalia, M. (2021). Satu Tahun Virus Corona: Analisis Pergerakan Harga Saham Bank Syariah di Lantai Bursa. Jurnal Ilmiah Ekonomi Islam, 7(03), 1253–1260. http://jurnal.stie-aas.ac.id/index.php/jie
Smolo, E., Jahangir, R., Nagayev, R., & Aysan, A. F. (2023). Performances of leading Islamic finance markets prior to and during the COVID-19 pandemic. Heliyon, 9(1), e12870. https://doi.org/10.1016/j.heliyon.2023.e12870
Suhail, M., Ahmad, G., & Ashraf, D. (2020). Systemic risk, islamic bank, and the COVID-19 pandemic : an empirical investigation. January.
Tang, C. H., Lee, Y. H., Liu, W., & Wei, L. (2022). Effect of the Universal Health Coverage Healthcare System on Stock Returns During COVID-19: Evidence From Global Stock Indices. Frontiers in Public Health, 10(July), 1–12. https://doi.org/10.3389/fpubh.2022.919379
Wira, D. (2014). Analisa Fundamental SAHAM.pd. EXCEED.
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