Examining the effects of Covid-19 on GCC stock markets
A methodological analysis using event study techniques
Bibliographic Data
| ID | 22189054 |
|---|---|
| Authors | Radwa Radwan Said (0000-0002-8923-3104, Krakow University of Economics), Khaliquzzaman Khan (American University in Dubai), Shabbir Alam (0000-0002-5001-4553, University of Bahrain), Mohammad Noor Alam (0000-0002-0015-7177, University of Bahrain) |
| Year | 2024 |
| Volume | 8 |
| Issue | 8 |
| Pages | 5714 |
| Publication date | 2024-08-15 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Journal of Infrastructure Policy and Development (JOURNAL) |
| Journal identifiers | ISSN: 2572-7923 • E-ISSN: 2572-7931 |
| Publisher | EnPress Publisher (PUBLISHER) |
| DOI | 10.24294/jipd.v8i8.5714 |
| OpenAlex | W4401623912 |
| Language | EN |
| References cited | 6 |
The study examines the impact of COVID-19 on the economies of Gulf Corporation Council (GCC) member states. The event study methodology was used to analyze Cumulative Abnormal Return (CAR) of GCC member states’ stock indexes: Kuwait Stock Exchange Index (KSE), Dubai Financial Market Index (DFM), Saudi Arabia Tadawul Index (TASI), Qatar Exchange Index (QE), Bahrain All Share Index (BHB), Oman’s Muscat Stock Exchange Index (MSM), Abu Dhabi Stock Exchange Index (ADX) while the S&P GCC Composite Index was used as a reference. Data obtained from 28 July 2019 to 27 July 2020, and 1 March 2020, designated as the event day, abnormal returns (AR) and cumulative average abnormal returns (CAARs) were examined across various time intervals. The findings reveal significant market reactions to the pandemic, characterized by fluctuations in abnormal returns and CAARs. Statistically significant abnormal returns and CAARs during certain time periods underscore the dynamic nature of market responses to the COVID-19 event. These results provide valuable insights for policymakers and market participants seeking to understand and navigate the economic implications of the pandemic on GCC economies. The study recommends that other GCC states, particularly Oman, consider the policies undertaken by Qatar, UAE, and Saudi Arabia, to avoid a long economic crisis
2019-20 coronavirus outbreak · Business · Econometrics · Economics · Event study · Financial economics · Geography · Physics · Computer Science · COVID-19 Pandemic Impacts · Economic Growth and Development · Islamic Finance and Banking Studies · Medicine · Internal Medicine · Virology
| Highly cited | No |
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