<![CDATA[This study analyzes the reaction of the Indonesian capital market to the US–Israel–Iran geopolitical conflict in the energy sector listed on the Indonesia Stock Exchange. The research applies a quantitative event study method focusing on abnormal returns and trading volume activity. The sample consists of 21 energy-sector stocks, the event window covers five trading days before to five trading days after 22 June 2026, expected returns are estimated with the market model, and differences are tested using the paired t-test and the Wilcoxon signed-rank test. The results show that the difference in abnormal return before and after the event is not statistically significant, while trading volume activity declines significantly after the event. These findings suggest that the impact of geopolitical conflict information is reflected mainly in the intensity of investor trading rather than in abnormal returns, which is not inconsistent with the semi-strong form of market efficiency in the Indonesia Stock Exchange.]]>
Copyrights © 2026
