Ramadan Effect on UAE Stock Market - Banks Sector

22 Pages Posted: 14 Jun 2014 Last revised: 19 Jun 2014

See all articles by Musab Alatiyat

Musab Alatiyat

The British University in Dubai

Date Written: June 3, 2014


This was the first paper to study exclusively the effects of Ramadan on the United Arab Emirates Stock market. In doing so, the study aims to establish such impacts with the intention of advising the investors on whether it would be profitable to invest during the holy month of Ramadan or no.

The study found that the average returns for banks in ADX, and DFM in Ramadan is less than the usual average in the period 2008-2013. Similarly, the foretasted return using regression. This result reflect the economy slow down during Ramadan as mentioned in literature review, the percentage of slowing down about 0.98%. This slow down percentage demonstrates the hypothesis of Ramadan effect, so the investors can gain profit if they follow recommended days, and dates.

Keywords: Ramadan, UAE, United, Arab, Emirates, Dubai, Abu Dhabi, ADX, DFM, Exchange, Market, Stock, share, price, moon, hijri, calender, Islam, Islamic, bank, broker, invest, weekday, date, month, forecast, regression, coefficient, value, Trading, Strategies, Financial , finance, BUiD, British, seasonality

JEL Classification: E13, E16, E17, E19, A10, A11, A14, A19, A20, B00, B10, B13, B14, B15, B16, B20, B21, B22, B23, B24

Suggested Citation

Alatiyat, Musab, Ramadan Effect on UAE Stock Market - Banks Sector (June 3, 2014). Available at SSRN: https://ssrn.com/abstract=2449967 or http://dx.doi.org/10.2139/ssrn.2449967

Musab Alatiyat (Contact Author)

The British University in Dubai ( email )

Dubai International Academic City
United Arab Emirates

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Abstract Views
PlumX Metrics