The Impact of Ramadan “the Month of Fasting” on Performance of the Amman Stock Exchange Market during the Period (1988 – 2011)

vol 15 no 2,2015

The Impact of Ramadan “the Month of Fasting” on Performance of the Amman Stock Exchange Market during the Period (1988 – 2011)

The Impact of Ramadan “the Month of Fasting” on Performance of the Amman Stock Exchange Market during the Period (1988 – 2011)

 

Dr.Ahmed Aref Assaf

Department of Economy – Faculty of Economics & Administrative Sciences

Zarqa University – Jordan

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Dr. Hassan Yassin Tohme

Department of Business Administration – Faculty of Economics & Administrative Sciences

Zarqa University – Jordan

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Abstract

The Religious belief plays an important role in the people’s life behavior and their decision making. It is believed that the month of Ramadan is usually cool in the volume of trading. This study aims at discovering the impact of the month of fasting Ramadan on the performance of the Amman Stock Exchange during the period (1988-2011). The study sought to compare the month of Ramadan and the month of Sha’ban (the month proceeding the month of Ramadan) and the month of Zolqida for each year to determine their impact on the performance of the Amman Financial Market. This was done through the following variables (trading volume, number of shares traded, and the number of contracts).The researchers used the non- parametric Friedman Test to explore the differences between the study variables. The study concluded that there was no impact of the fasting month of Ramadan on the volume of trading in the Amman Financial Market. While the impact was found for the fasting month of Ramadan on the number of shares traded and the number of contracts concluded in Amman Financial Market.

Keywords: month of Ramadan, Amman Stock Exchange, Jordan.

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