COMPARATIVE TRADING ACTIVITY AND MARKET RESILIENCE DURING COVID-19: Evidence from the Iraq and Qatar Stock Exchanges
- Hayder Abd Noor Hadi
- Ahmed Abed Mahmood
- Ibrahim Abdullahi Sulaiman
- Auwalu Ibrahim
- ( paper pages. 55-68 )
Abstract
This study examines the impact of the COVID-19
pandemic on the trading activities of the Iraq Stock Exchange (ISX) and the
Qatar Stock Exchange (QSE), representing a frontier market and an emerging
market respectively. Using a comparative descriptive research design, the study
analysed monthly secondary data from 2019 to 2020 on traded shares, traded
value, and executed transactions. Descriptive statistics, percentage-change
analysis, and independent-samples t-tests were employed to assess differences
in market performance before and during the pandemic. The findings reveal a
marked divergence between the two exchanges. The ISX recorded contractions in
traded shares (−12.34%) and executed transactions (−10.59%), indicating
liquidity constraints and weaker resilience under crisis conditions. In
contrast, the QSE demonstrated stronger performance, with traded shares
increasing by 386.65% and executed transactions by 49.61%, reflecting greater
market depth and structural resilience. Although both markets experienced gains
in traded value, these increases appear to have been driven by different market
dynamics. Overall, the results suggest that the effects of pandemic-related
shocks are context-dependent and shaped by differences in market structure,
institutional capacity, and financial infrastructure. The study highlights the
importance of strengthening market transparency, diversifying investment
instruments, and modernizing trading systems to enhance resilience against
future global disruptions.
Citation
Hayder Abd Noor Hadi, Ahmed Abed Mahmood, Ibrahim Abdullahi Sulaiman, Auwalu Ibrahim.
2026.
"COMPARATIVE TRADING ACTIVITY AND MARKET RESILIENCE DURING COVID-19: Evidence from the Iraq and Qatar Stock Exchanges"
The Nigerian Journal of Economic and Social Studies,
68 (1): 55-68.
