Does Ramadan help the stock market?

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…the average stock market returns in predominantly Muslim countries were historically almost nine times higher during Ramadan compared to other months of the lunar calendar.

Jedrzej Bialkowski (University of Christchurch, New Zealand), Ahmad Etebari (University of New Hampshire, United States) and Tomasz Piotr Wisniewski (University of Leicester, UK) also discovered that, at the same time, the volatility of these markets declined. These conclusions are based on a sample of 14 stock markets located in countries where Muslims constitute at least 50% of the population…


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