The random walk hypothesis is a theory which states that market prices are not influenced by prior price movements and therefore, prices in the stock market cannot simply be predicted. The stock market is considered efficient and follows the random walk theory when intelligent market participants lead the situation and reflect all available information based on the past or future events. The phenomena of calendar anomalies in stock markets are proven from the previous study, where behavior of returns tend to be high or low during specific calendar periods. Thus, for this study, we aims to investigate relationships between lunar effect and average stock returns for ten emerging countries for the period of January 2004 until December 2010. A lunar effect is a phenomenon where mean returns around the new moon is higher than mean returns around the full moon. Using non-parametric and basic multiple linear regression analysis, the result shows that returns on the full moon were slightly lower as compared to the returns on the new moon prior to the financial crisis and vice versa during the financial crisis.

Purpose -To examine the impact of macroeconomic factors on exchange rate fluctuations in Malaysia during the quarter before the onset of the COVID-19 pandemic in early 2020. Design/methodology/approach -Data used in this study was collected on a quarterly basis, spanning from January 2009 to December 2019, and comprising 44 observations. The dependent variable of the study was the exchange rate, while the explanatory variables were the employment rate, balance of payments, budget deficit, tax rate, and corruption rate. Predictions were made using the Ordinary Least Squares (OLS) method. Findings -The findings revealed that only two variables, the tax rate and budget deficit, had a negative relationship with the exchange rate. The link between the exchange rate and other variables, such as the budget deficit, employment rate, and corruption rate, was found to be weak. Originality/value -This research makes a valuable contribution to the existing literature on the connection between exchange rates and macroeconomic factors in Malaysia. Furthermore, this study provides relevant insights for investors and business owners during their decision-making process.

The Covid-19 outbreak triggered in 2019 and continues the spread around the world. In March 2020 Malaysia has started implement a series of Movement Control Order (MCO) until the series continues to Conditional Movement Control Order (CMCO) and Recovery Movement Control Order (RMCO). This paper aims to examine the sector specific impact namely financial, consumer products and healthcare services index during the prolong of MCO period. Finding shows, the number of Covid-19 daily cases shows a constant significant positive impact towards those sectors. In addition, the external independent also included with the resulted the China daily cases significantly impact the sectors with the mix directions. The healthcare services index tends to result the highly performed sector during the pandemic outbreak. Overall, the results suggest that these stocks are positively respond to the Covid-19 pandemic and this response differs over the period depending on the stage of the duration.

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