Abstract
This paper investigates the effect of the COVID-19 on the stock prices in service, industrial, and financial sectors using daily data for 294 companies for the period January 1, 2020, to May 15, 2020, in GCC countries. The panel data techniques are utilized based on sector-wise in each country to include: random-effect model, fixed-effect model, and Hausman test. The paper shows that the COVID-19 outbreak leads to a decreasing pattern in stock market prices in GCC countries. The empirical results show that the stock markets in Qatar, Saudi Arabia, and the United Arab Emirates have been badly hit by the COVID-19 outbreak while the stock markets in Bahrain, Kuwait, and Oman are the least impacted countries in GCC. Furthermore, the results of the sector-wise analysis reveal that the industrial sector in Saudi Arabia is the most affected by the COVID-19 outbreak in GCC countries.
Keywords:
Article Details
- Year: 2021
- Volume: 42
- Issue: 3
- Pages: 133 - 166
- Accepted: 15.03.2021
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DOI:
https://doi.org/10.5281/zenodo.17052978 -
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How to Cite?
Hazem Al Samman, Erhan Akkas (2021). Assessing the Effects of COVID-19 on Stock Markets in the GCC Countries: Evidence from Sector-wise Panel Data Analysis. Journal of Economic Cooperation and Development, 42(3), 133-166. https://doi.org/10.5281/zenodo.17052978
