IMPACT OF COVID-19 ON ISLAMIC AND CONVENTIONAL STOCKS IN INDONESIA: A WAVELET-BASED STUDY

Authors

Mohsin Ali, Taylor's university, MalaysiaFollow
Urooj Anwar, Monash University, MalaysiaFollow
Muhammad Haseeb, Univesity of Malaya, MalaysiaFollow

Document Type

Article

Abstract

The recent literature shows that COVID-19 has impacted stock markets around the world in many ways. In this paper, we examine the reaction of the Indonesian stock market to COVID-19. We apply the continuous wavelet coherence methodology to daily COVID-19 related deaths and daily conventional and Islamic stock indices inIndonesia. We find that COVID-19 negatively impacts the returns of both indices and enhances their volatility. We find the Islamic stock index to be more volatile as compared to its conventional counterpart during the COVID-19 outbreak.

Recommended Citation

Ali, Mohsin; Anwar, Urooj; and Haseeb, Muhammad (2021) "IMPACT OF COVID-19 ON ISLAMIC AND CONVENTIONAL STOCKS IN INDONESIA: A WAVELET-BASED STUDY," Bulletin of Monetary Economics and Banking: Vol. 24: No. 0, Article 4.
DOI: https://doi.org/10.21098/bemp.v24i0.1480
Available at: https://bulletin.bmeb-bi.org/bmeb/vol24/iss0/4

First Page

15

Last Page

32

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License

Country

Malaysia

Affiliation

Taylor's university