“…Agriculture, food manufacturing, footwear production, and fuel processing also display herd pattern in the Chinese equity markets (Shah, Khan, Meyer, Meyer,& Oláh, 2019). The research on European countries using high frequency sample period data also report herding for sectors such as consumer goods, industrial and utilities, and healthcare (Andrikopoulos, Kallinterakis, Ferreira,& Verousis, 2017).…”