ABSTRACT
This study aims to examine the impact of COVID-19 on investors' herding behavior in the ASEAN-5 stock markets. The sample includes organizations listed on the PSEi 30, STI 30, IDX 30, FTSE 30, and SET 50 indexes from March 11, 2020, to 2021. However, the results showed that investors' herding behavior occurs only in the Thailand but not in the Philippines, Singapore, Indonesia, and Malaysia stock markets during the pandemic. The increase in daily COVID-19 cases also affects herding behavior in the Thailand exchanges. Therefore, this study facilitates investors to devise their trading strategies in ASEAN-5 countries during the pandemic.
