Table 13.

Volatility timing during the pandemic.

Islamic Funds
	ϒim Full Period		ϒim Stage 1		ϒim Stage 2		ϒim Stage 3		ϒim Stage 4		ϒim Stage 5		ϒim Stage 6
Malaysia	−0.0869	**	−0.0837	***	−0.0944	**	−0.1659	***	−0.0926	**	−0.0937	***	−0.1023	**
Pakistan	−0.0366	**	−0.0277	***	−0.0512	***	−0.0515	***	−0.0502	**	−0.0508	**	−0.0555	***
Saudi Arabia	−0.0573	***	−0.0512	**	−0.0581	**	−0.0666	***	−0.0569	**	−0.0576	**	−0.0629	**
Qatar	−0.0219	**	−0.0185	**	−0.0460	**	−0.0177	**	−0.0451	**	−0.0456	***	−0.0498	**
Kuwait	−0.0780	**	−0.0729	**	−0.0886	**	−0.0946	**	−0.0868	**	−0.0879	***	−0.0959	**
UAE	−0.0612	**	−0.0468	***	−0.0393	**	−0.0695	***	−0.0385	***	−0.0390	***	−0.0426	**
Conventional Funds
	ϒim Full Period		ϒim Stage 1		ϒim Stage 2		ϒim Stage 3		ϒim Stage 4		ϒim Stage 5		ϒim Stage 6
Malaysia	0.0814	***	0.0621	**	0.0638	***	−0.0311	*	0.0625	*	0.0633	*	0.0691	*
Pakistan	0.0679	*	0.0548	**	0.0737	**	0.0206	**	0.0723	**	0.0732	*	0.0799	**
Saudi Arabia	0.0622	*	0.0935	**	0.0925	*	−0.0161	**	0.0907	*	0.0918	*	0.1001	**
Qatar	0.0813	*	0.0668	*	0.0884	***	−0.0158	***	0.0867	*	0.0877	*	0.0958	**
Kuwait	0.0504	***	0.0848	***	0.0488	**	−0.0080	**	0.0479	**	0.0485	**	0.0529	*
UAE	0.0936	**	0.0781	**	0.0281	*	−0.0108	**	0.0276	*	0.0279	**	0.0305	**

***represent significance at 1%, ** at 5% and * at 10%.