DAMPAK DIUMUMKANNYA KASUS COVID-19 SERTA KEBIJAKAN NEW NORMAL TERHADAP PERUBAHAN HARGA DAN VOLUME PERDAGANGAN SAHAM

Abstract

This research aimed to analyze the effect of the announcement of the first Covid-19 case also the policy of new normal on the stock price change which was measured by abnormal return and the change of stock trading volume which was measured by Trading Volume Activity (TVA).This research included quantitative research, with the comparative method. The sample of this research used company in property and real estate sector listed on Indonesia Stock Exchange in 2020. Furthermore, the research sample was determined by purposive sampling method i.e, based on the reseacher determined criteria it was obtained 52 companies data. The data analysis of this research used Wilcoxon Signed Rank Test with the instrument of Statistical Product and Service Solution (SPSS) 25 version.The Result of this research showed that there was no significant difference between abnormal return and Trading Volume Activity (TVA) before and after the announcement of the first case of Covid-19. Nevertheless, there was a significant difference between the abnormal return and Trading Volume Activity (TVA) before and after the announcement of the new normal policy. It showed that there was an increase in abnormal return and Trading Volume Activity (TVA) after the announcement of the new normal.
Keywords: Covid-19, new normal, abnormal return, trading volume activity