Open AccessThe Influence of the COVID-19 on the GCC Stock Markets
Author(s) -
A.M. Al-Kandari,
Meshal AlRoomy,
Kholoud Al-Roumi
Publication year - 2022
Publication title -
international journal of business and management
Language(s) - English
Resource type - Journals
eISSN - 1833-8119
pISSN - 1833-3850
DOI - 10.5539/ijbm.v17n4p42
Subject(s) - pandemic , covid-19 , stock (firearms) , event study , stock market , china , business , financial economics , monetary economics , economics , geography , virology , medicine , context (archaeology) , disease , archaeology , outbreak , infectious disease (medical specialty)
This research paper examined the influence of the COVID-19 pandemic on the GCC stock markets indices. By employing the Event Study Methodology (ESM), the findings confirmed that all GCC stock market indices were affected negatively by the COVID-19 pandemic. The GCC stock markets interacted negatively with the early announcement of the first confirmed cases of COVID-19 in Wuhan city in China in December 2019. They were greatly affected when the World Health Organization (WHO) announced that the COVID-19 virus had become a pandemic. The cumulative average abnormal returns (CAAR) for all of the GCC stock market indices revealed that all of the GCC stock markets were negatively affected by the COVID-19 pandemic during all investigated event windows.