مجلة بحوث الإدارة والاقتصاد
Volume 7, Numéro 1, Pages 01-26
2025-05-01

The Efficiency Of Financial Markets And Its Impact On Stock Price Fluctuations During The Covid-19 Pandemic: A Comparative Study Of Some Islamic Countries



Authors : Beldjehem Moufida . Amor Abda Samia .

Abstract

This study aims at investigating the impact of the efficiency of financial markets on stock price fluctuations during the COVID-19 pandemic; through analyzing some Islamic countries’ stock indices based on daily data during the peak period of COVID-19—from January 03, 2020, to December 31, 2022. This is achieved by testing the Random Walk Hypothesis using the Augmented Dickey-Fuller Test (ADF) to study the stationary of time series and describe the statistical data of the series. The study concludes that stock price indices for all the studied markets are weak form efficient, and the fluctuations in these prices increased during that period. Therefore, the efficiency during the COVID-19 period contributed to raising the intensity of stock price fluctuations.

Keywords

The efficiency of financial markets, Stock price fluctuations, Random walk of stocks, COVID-19, Indices of stock market prices.

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