Results and Findings

For the results and findings, our group will focus on the purpose of this article. The main

purpose is to discuss and explain the effects of Covid-19 on Islamic Capital Market

Instrument: Stock Market. Does Stock market being affected by the Covid-19 and how it

being affected. We are using online data from library and other articles from the internet.

Therefore, the data analysis from those methodology is very crucial for this research.

Based on the literature review from online articles, there are some effects from the Covid-19

outbreak to the stock market. From one the article that we use as a reference, it was stated

that stock markets reacted with significant negative return. Firstly, based on article by

(WAQAS,2022), they used hange of Index formula to evaluate the effects of Covid-19 for

each index in every different period. In this article methodology, they want to evaluate the

effects of Covid-19 in Malaysia by dividing the data into several periods during MCO. The

index formula is as bellow:

hange of Index= Ending index of the stage- Beginning index of the stage
Beginning index of the stage

To represent the Malaysian stock market, the author of this article, is using KLCI and other

thirteen sectoral indices as the example, to examine the stock market during MCO.
As we can see above, the data from Bursa Malaysia constitute the KLCI, construction and

consumer product were the highest market capitalization in Malaysia following with

1,379.20, 24.84, and 216.77 billion. That is the data before Covid-19 pandemic occur and the

data changing with the effects of Covid-19. Different phases of Covid-19 MCO with indicate

different level of total market capitalization. But, the changing or the decrease in the stock

market are based on the type of industries.

As we can see from the above table, industries such as energy, properties and finance are

mostly affected by the Covid-19 because these industries are related to face to face works and

needed for employees to come to the workplace. For example, the energy industry will

require workers to come to the workplace because it related to personal skills and cannot be

perform far from the workplace.