COVID-19'UN İSLAMİ VE GELENEKSEL HİSSE SENEDİ ENDEKSLERİ ÜZERİNDEKİ ETKİSİ

Abstract

The objectives of this research are to study Islamic stock indexes during the time of Covid-19 extensively and compare it with conventional stock indexes. Our research aims to analyse how stock returns indexes of Islamic and conventional have been affected by COVID-19. So, in other word, the research objected to analyse the effect of COVID-19 on the returns and volatility of Islamic and conventional stocks indexes by using ARIMA-X and EGARCH-X models. In keeping with this objective, the Islamic and conventional stocks indexes were used to estimate the financial stock return, and the dummy variable as of number of everyday cases of each country was used to estimate the effect of COVID-19. The research investigates the levels of uncertainty and volatility in Islamic and conventional stock indexes prior to and during the Covid-19 crisis. Additionally, it compares Islamic stock markets with others and analyses the impact of the pandemic on these markets. The findings reveal statistically significant results, with certain indexes demonstrating significance at levels of 10%, 5%, and 1%. By overall looking we can say that Nigerian indexes were affected the most among others which include the Islamic and the conventional, moreover the least affected by the uncertainty was in Indonesia and Malaysia and the Islamic indexes in general were better. We can conclude that Islamic stock indexes were affected like others by the COVID-19.