RAMADAN EFFECT ON FOOD-RELATED STOCKS: AN EVENT STUDY ON SELECTED ISLAMIC STOCK MARKETS

This study analyzes whether food-related stocks outperform the benchmark index around the holy month of Ramadan in selected Islamic stock exchange markets. Ramadan is an important month in Muslim-majority countries, often characterized by increased consumption of food-related products due to charity, social aid activities, and family gatherings. An event study methodology is employed to calculate return anomalies around Ramadan for food-related stocks in Egypt, Indonesia, Pakistan, Saudi Arabia, and Türkiye. The dataset covers twenty-one years, from 2004 to 2024, and includes 2,346 events from 191 publicly listed food-related firms. The findings suggest mixed results across countries, with abnormal negative returns observed in most markets during the Ramadan period.