Stock Market Performance During The Months Of Ramadan And Zulhijjah In Malaysia And Saudi Arabia

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Right from the early 1990s, when the idea of behavioural finance started growing in popularity, financial practitioners and researchers have been trying to exploit the human behaviour to build better strategies. The stock market had its share of exploration; one such area is the search of market anomalies to generate above the market’s average returns. This paper adds to the body of knowledge in this field. It explores two Islamic spiritual events and its influence on the stock market; the events being the fasting month of Ramadhan and the Pilgrimage month of Zulhijjah.
The search covers two stock markets, Malaysia’s and Saudi Arabia’s markets. From the Malaysian stock market, Bursa Malaysia, the study focuses on the performance of the main index (KLCI) as well as five of the sector indices available. The same goes for the Saudi market, Tadawul, as the coverage is limited to the main index (TASI) and the five sector indices equivalent to those of Bursa Malaysia. For the two main indices, the study spans over 10 years for each of the two events while it includes three years for the sector indices. An event study approach was adopted to cover the analysis of these events with the event window in the study covering 36 days.

Additional information

Research Author

Mohammed Hussein Alsaggaf



Research Location


Data Type


Sampling Size

Two Nos of Stock Market



Year Created



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