Analysis of the Impact of COVID-19 Pandemic Revocation on the Stock Performance of Islamic Banks in Indonesia: Empirical Study on BRIS and BTPS

Abstract

This study aims to analyze the impact of the revocation of COVID-19 emergency status by WHO on the stock performance of Islamic banks in Indonesia, with samples from Bank Syariah Indonesia (BRIS) and PT Bank BTPN Syariah (BTPS). The analysis emphasizes on measuring volatility, average returns and the impact of the revocation of Covid 19 emergency status. The analysis is classified in the pre and post announcement period of the revocation of Covid 19 emergency status using long term (90 days), medium term (60 days) and short term (30 days). To analyze using the t test and f test. To analyze the t test and f test taken from the closing price of BRIS and BTPS shares collected on yahoo finance. The results show that there are positive returns in the short-term period (30 days) on both. We find that there is a significant difference in returns between the Covid 19 revocation event and the returns outside the event. Finally, we find that the same event has a different impact on the stock performance of Islamic banks. The implications of this study underscore the importance of portfolio diversification and regular monitoring by investors before making decisions.