“…The extant literature provides several empirical pieces of evidence on stock market responses to the major systemic events. The studies investigate the impact of major events, for instance, the Severe Acute Respiratory Syndrome (SARS) pandemic disease outbreak (Chen et al, 2007(Chen et al, , 2018Loh, 2006), natural disasters (Caporale et al, 2019;Tavor & Teitler-Regev, 2019;Wang & Kutan, 2013), corporate events (Maitra & Dey, 2012;Ranju & Mallikarjunappa, 2019;Seal & Matharu, 2018), public news (Li, 2018;Ormos & Vázsonyi, 2011) and political events (Beaulieu et al, 2006;Bash & Alsaifi, 2019;Ismail & Suhardjo, 2001;Nazir et al, 2014;Shanaev & Ghimire, 2019) on the stock markets. The negative impact of the recent coronavirus disease (COVID-19) outbreak on the world economy and capital markets is inevitable.…”