Pre- and Post-COVID-19: The Impact of US, UK, and European Stock Markets on ASEAN-5 Stock Markets

This study investigates the relationship between closing–opening prices of stocks in US, UK, and European markets five Association Southeast Asian Nations (ASEAN-5) markets, a group consisting founding members, namely, Indonesia, Malaysia, Philippines, Singapore, Thailand. In particular, this examines impact stock market movements on ASEAN-5 before during COVID-19 pandemic. An autoregressive distributed lag (ARDL) bounds testing approach was employed two independent data sets, representing The results reveal that among only Philippines had cointegration with crisis. However, almost all moved tandem COVID-19, except for These empirical findings also indicate regions tended to co-move pandemic, implying contagion effect. Further, causality provide substantial evidence imply are susceptible at opening bell behaviour stocks. Therefore, investors or traders should participate foreign (other than Europe) do not exhibit relationships better mitigate manage risk bell, especially global