COVID-19’s Impact on ASEAN Country Stock Markets
Abstract
In this study, we examine the impact of COVID-19 on ASEAN countries' stock markets. In our examination, we have applied an econometrics model: the GARCH model. We find that the daily number of new cases had a significantly positive impact on IDX (Indonesia Stock Exchange) and MYX (Bursa Malaysia)but a negative impact on PSE Philippine Stock Exchange), SGX (Singapore Exchange), SET (The Stock Exchange of Thailand), and HSX (Ho Chi Minh Stock Exchange). Furthermore, the daily number of new deaths significantly affected the PSE, SGX, SET, and HSX but not the IDX and MYX indices. The results show that COVID-19 had an effect on the stock markets of ASEAN; however, that effect varied.
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