COVID-19 and Stock Market Reaction in Indonesia

Research aims: COVID-19 Pandemic happens all over the world. impact hits almost elements of life, one affected real sectors is finance especially stock market. This research aimed to present reaction equity market in Indonesia towards pandemicDesign/Methodology/Approach: The method that used study examine pandemic and abnormal return around occurrence by using two methods; mean-adjusted model.Research findings: From conducted 10 indicators index Indonesia, it concluded 8 industrial have tenacious toward hit where also found agriculture sector; basic chemical industry; miscellaneous, consumer goods; property estate; transport infrastructure; finance; trade, service, investment, give stronger reactions compared with mining manufacture.Theoretical contribution/Originality: Researches about non-economy phenomenon already been carried out, but specifically done sectoral occurrences still wide open doing for deeper research.Practitioner/Policy implication: can be important information investors understand behavior efficiency making decisions investmentResearch limitation/Implication: Non-economy event becomes subject appeared escalated fast researcher presented as quickly possible since time limited. It meant show a systematic scientific thinking framework addressing events, context reliability on result same topic effect other countries.