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Impact of the Pandemic (COVID-19) on Financial Performance: A Comparative Analysis of Listed Companies in Oman
Abstract
This study aims to examine the influence of the COVID-19 pandemic on the financial sector's performance in the Sultanate of Oman. The analysis is based on data from the daily closing stock market price of Muscat Stock Market (MSX- 30) securities and the number of affected patients from March 2020 to July 2020 during the peak era of COVID-19 in Oman. Following the modern monetary theory (MMT), these results reveal that return on bonds reacted adversely during the pandemic in proportionate to the rise in COVID-19 infected cases. Moreover, the COVID-19 pandemic had a detrimental effect on the performance of the Omani Financial Market. The data and results also demonstrated that in the epidemic's early days, some industries' stock rapidly responded to COVID-19, and a considerable negative market reaction was evidenced. Additionally, in response to the COVID-19 pandemic, the stock market has changed accordingly. However, the pandemic duration and stimulus packages by Omani Government have played an essential role in managing the effects of the COVID-19 outbreak on the economy.
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