The Impact of Coronavirus Disease 2019 (COVID-19) Pandemic on Thailand's Capital Market
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Abstract
This research examines the impact of the coronavirus disease 2019 pandemic on Thailand's capital market in both the whole market and by industry, using a Vector Autoregressive model and estimation techniques Rolling-Window. The study divides the data into four time periods starting from January 1, 2019, to December 30, 2020, to examine the comparative impact of the pandemic. According to the results, COVID-19 had the most negative impact on Thailand's capital market from March 12 to May 10, 2020, when the outbreak was announced around the world, and many Thai people died. However, some industries have benefited from the pandemic. In addition, the pandemic could create opportunities for investors in the short term. However, investors should avoid investing in the service industry, which is slow to recover and invest in moderately affected industries such as pharmaceuticals and chemicals.
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