An Empirical Analysis Of The Relationship Between The Covid-19 Epidemic And Stock Market Returns On Singapore Financial Market

Abstract

The Covid-19 outbreak's impact on stock returns of firms listed on the Singapore Stock Exchange is examined in this study using Wilcoxon's signed ratings test while taking the event's date (January 23, 2020) into consideration. The article measures the dissemination impact of information in the context of 63 companies in the field of Finance, Services, and Electronic Technology in the last month of 2019 and the first month of 2020, trading in the 61-day event window. Explanation for the dependence of stock value on the agent Number of confirmed cases, number of deaths, government anti-covid measure by t-test. According to empirical results, the Singapore stock market was not significantly affected by the events of January 23, 2020 (the first case of COVID-19 in Singapore). This adverse outcome was more obvious. 5.87 percent) for the electronic technology sector. The results of an endurance analysis indicate that weekly deaths, not confirmed cases, are the main cause of market disruption. Government anti-Covid-19 actions including lockout had a favorable impact on stock returns, however social alienation, public health measures, and movement limitations had a negative impact