How does Hamas–Israel war impact stock markets in the Middle East? Country and sector-level analysis

Mondher Bouattour (), Amine Ben Amar and Néjib Hachicha
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Mondher Bouattour: Excelia Group | La Rochelle Business School, LGTO - Laboratoire de Gestion et des Transitions Organisationnelles - UT3 - Université Toulouse III - Paul Sabatier - UT - Université de Toulouse
Néjib Hachicha: Faculté des Sciences économiques et de Gestion - USSGB - Université des sciences sociales et de gestion de Bamako

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Abstract: This paper investigates the sensitivity of a set of Middle Eastern stock markets to the most recent armed confrontation between Hamas and Israel. The analysis reveals a discernible negative impact across almost all markets considered, with the Israeli stock market experiencing the most pronounced effect on the event day. Interestingly, the Israeli stock market appears to be relatively more efficient than those of neighbouring countries. At the sector level, among the negatively affected sectors, the energy sector experienced the most pronounced impact. However, some sectors, notably materials, industrials, and information technology, were relatively resilient to this geostrategic shock.

Keywords: Hamas–Israel war; Middle East stock markets; event study; country and sector analysis (search for similar items in EconPapers)
Date: 2024-09-03
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Published in Applied Economics Letters, 2024, pp.1-9. ⟨10.1080/13504851.2024.2396556⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-04721569

DOI: 10.1080/13504851.2024.2396556

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