Market Reactions of the Pharmaceutical Sub-Sector to the Announcement of the Covid - 19 Incident in Indonesia

A capital market is a meeting place for capital seekers and capital owners who want to benefit from their investment. The market will respond quickly to any information directly related to the economic environment and the non-economic environment. This event study research aims to analyze differences in abnormal returns and trading volume activity in three different observation windows on the announcement of the Covid-19 incident in Indonesia in pharmaceutical sub-sector companies listed on the Indonesia Stock Exchange in 2020. This type of research used is all pharmaceutical subsector companies. On the IDX to be the study population. The sampling method used purposive sampling and obtained eight companies. AR & TVA calculations with daily data are the analytical techniques used, obtained through www.idx.co.id. This study did not show any difference in AAR from all observation periods, namely five days before and after, ten days before and after, and 15 days before and after the event, for differences in ATVA were found in all observation periods.