Kesan Perintah Kawalan Pergerakan Terhadap Pulangan Saham Sektor Penjagaan Kesihatan

The Impact of Movement Control Order on the Healthcare Sector Stock Returns

Authors

  • Nor Suhaira Jamil Politeknik Sultan Idris Shah
  • Latifah Samsuddin Politeknik Sultan Idris Shah
  • Siti Aishah Mohamad Sis Politeknik Sultan Idris Shah

Keywords:

Perintah Kawalan Pergerakan, Pulangan Saham, Sektor Kesihatan

Abstract

Malaysia telah melaksanakan Perintah Kawalan Pergerakan (PKP) Fasa 1 selama 14 hari bermula 18 Mac 2020 sehingga 31 Mac 2020. Perintah ini dilaksanakan di seluruh negara bagi mengekang penularan wabak Covid-19. Sepanjang tempoh PKP, rakyat Malaysia dilarang daripada melakukan pergerakan dan perhimpunan menyebabkan penutupan semua rumah ibadat, institusi pendidikan dan premis perniagaan kecuali yang menjual barangan keperluan harian dan sektor perkhidmatan yang disenaraikan sebagai penting kepada negara. Memandangkan kebanyakan premis perniagaan dihalang daripada beroperasi, pasaran saham yang didagangkan di Bursa Malaysia dijangka turut terjejas akibat pelaksanaan PKP ini. Oleh itu, objektif kajian ini ialah untuk menguji kesan PKP ke atas pulangan saham yang memberi fokus kepada dagangan dalam sektor penjagaan kesihatan. Kajian ini menggunakan Metodologi Kajian Peristiwa - Model Pasaran untuk mengira pulangan saham seterusnya menilai sejauhmana pelaksanaan PKP telah memberi kesan ke atas pulangan saham. Hasil kajian mendapati, PKP telah memberikan kesan negatif yang signifikan ke atas pulangan saham bermula 10 hari sebelum pengumuman pelaksanaan PKP sehingga hari ke-8 selepas pengumuman. Namun begitu, sub sektor peralatan kesihatan mencatatkan pulangan purata kumulatif yang positif bermula 10 hari sebelum pengumuman berbanding sub sektor farmasi dan perkhidmatan hospital yang mencatatkan pulangan negatif bermula 10 hari sebelum pengumuman. Dapatan ini secara tidak langsung membuktikan bahawa pasaran saham di Malaysia bertindakbalas terhadap pengumuman yang dibuat, selaras dengan Teori Random Walk.

Malaysia has implemented the first phase of Movement Control Order (MCO) for 14 days from 18 March 2020 to 31 March 2020. This order is implemented nationwide to curb the spread of the Covid-19 pandemic. During the MCO period, Malaysians were barred from holding movements and rallies resulting in the closure of all houses of worship, educational institutions and business premises except those selling daily necessities and service sectors listed as important to the country. As most business premises are barred from operating, the stock market traded on Bursa Malaysia is also expected to be affected as a result of the implementation of this MCO. Therefore, the objective of this study is to test the effect of MCO on stock returns focusing on trading in the healthcare sector. This study uses the Event Study Methodology - Market Model to calculate stock returns and then assess if the implementation of MCO has had an impact on stock returns. The results of the study found that MCO has given a significant negative impact on stock returns starting 10 days before the announcement of the implementation of MCO until the 8th day after the announcement. However, the health equipment sub-sector recorded a positive cumulative average return starting 10 days before the announcement compared to the pharmacy and hospital services sub-sector which recorded a negative return starting 10 days before the announcement. These findings indirectly prove that the stock market in Malaysia responded to the announcements made, in line with the Random Walk Theory.

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Published

2021-06-29

How to Cite

Jamil, N. S., Samsuddin, L. ., & Mohamad Sis, S. A. . (2021). Kesan Perintah Kawalan Pergerakan Terhadap Pulangan Saham Sektor Penjagaan Kesihatan: The Impact of Movement Control Order on the Healthcare Sector Stock Returns. Journal of Management and Muamalah , 11(1), 60 - 70. Retrieved from https://jmm.kuis.edu.my/index.php/jurnal/article/view/12