CAPITAL MARKET REACTION BEFORE AND AFTER THE ANNOUNCEMENT OF THE FIRST CASE OF COVID-19 IN INDONESIA

This study aims to determine the differences in abnormal return, frequency of trade, and market capitalization before after informations regarding first reporting COVID-19 Indonesia on Stock Exchange. The research population is all companies that entered into Top Leadings Market Capitalization Exchange period Februari – April 2020, namely as many 50 companies. sample this was taken using census method, meaning number samples equal members population. To test hypothesis a paired test. observation began 30 days event event. uses quantitative comparative method. finding show information caused approved. proven by existence significant results daily tests indicators. were also combined return trade comparison difference which means there market-panic towards trading activities some differences, terms transactions. So, indicate are returns, announcement Indonesia.