Table 1 Descriptive statistics Full...

Table 1

Descriptive statistics

Full sample: From January 1, 2018 to December 21, 2022
	Bahrain	Kuwait	Oman	Qatar	Saudi Arabia	UAE
Panel A: Conventional index returns
Mean	0.000394	0.000361	7.59E-06	0.000162	0.000370	0.000592
Max	0.034233	0.061446	0.027620	0.048530	0.068315	0.080762
Min	−0.060006	−0.293565	−0.057350	−0.102077	−0.086846	−0.084063
St. D	0.005030	0.011395	0.004988	0.008520	0.009450	0.010264
Sk	−1.587710	−11.05766	−0.827988	−0.983397	−1.384840	−0.363630
Kur	22.46852	262.1617	15.72638	17.40558	16.40645	19.39977
JB	29409.98	5113504	12448.80	15977.49	14164.61	20368.30
Panel B: Islamic index returns
Mean	−0.000150	0.000355	−0.000129	5.07E-05	0.000197	0.000299
Max	0.088677	0.056758	0.030007	0.050791	0.078117	0.076350
Min	−0.082752	−0.111291	−0.049481	−0.099417	−0.081500	−0.100405
St. D	0.010707	0.008769	0.005990	0.007829	0.008873	0.009846
Sk	−0.215506	−2.989991	−0.579469	−1.025973	−1.293249	−1.281378
Kur	15.66093	43.09163	12.32175	21.45611	20.07758	27.37355
JB	12063.12	123506.3	6632.572	25920.37	22424.74	45147.92

Full sample: From January 1, 2018 to December 21, 2022
	Bahrain	Kuwait	Oman	Qatar	Saudi Arabia	UAE
Panel A: Conventional index returns
Mean	0.000394	0.000361	7.59E-06	0.000162	0.000370	0.000592
Max	0.034233	0.061446	0.027620	0.048530	0.068315	0.080762
Min	−0.060006	−0.293565	−0.057350	−0.102077	−0.086846	−0.084063
St. D	0.005030	0.011395	0.004988	0.008520	0.009450	0.010264
Sk	−1.587710	−11.05766	−0.827988	−0.983397	−1.384840	−0.363630
Kur	22.46852	262.1617	15.72638	17.40558	16.40645	19.39977
JB	29409.98	5113504	12448.80	15977.49	14164.61	20368.30
Panel B: Islamic index returns
Mean	−0.000150	0.000355	−0.000129	5.07E-05	0.000197	0.000299
Max	0.088677	0.056758	0.030007	0.050791	0.078117	0.076350
Min	−0.082752	−0.111291	−0.049481	−0.099417	−0.081500	−0.100405
St. D	0.010707	0.008769	0.005990	0.007829	0.008873	0.009846
Sk	−0.215506	−2.989991	−0.579469	−1.025973	−1.293249	−1.281378
Kur	15.66093	43.09163	12.32175	21.45611	20.07758	27.37355
JB	12063.12	123506.3	6632.572	25920.37	22424.74	45147.92

	BITCOIN	ETHEREUM	XPR	HALALCHAIN	HELLOGOLD	X8X_TOKEN
Panel C: Cryptocurrencies returns
Mean	0.001895	0.002206	0.001247	−0.002094	−0.000811	0.014790
Max	0.176044	0.219405	0.423353	1.966510	4.009822	2.773463
Min	−0.433714	−0.563071	−0.549549	−1.618760	−4.543656	−1.971844
St. D	0.038626	0.0524499	0.062193	0.186324	0.302688	0.235321
Sk	−1.215413	−1.367350	0.045004	0.102793	−0.906739	3.030687
Kur	19.14438	17.26383	17.96167	30.01108	115.3699	50.32298
JB	12461.20	9861.226	10465.44	34110.71	590466.0	106412.6

	BITCOIN	ETHEREUM	XPR	HALALCHAIN	HELLOGOLD	X8X_TOKEN
Panel C: Cryptocurrencies returns
Mean	0.001895	0.002206	0.001247	−0.002094	−0.000811	0.014790
Max	0.176044	0.219405	0.423353	1.966510	4.009822	2.773463
Min	−0.433714	−0.563071	−0.549549	−1.618760	−4.543656	−1.971844
St. D	0.038626	0.0524499	0.062193	0.186324	0.302688	0.235321
Sk	−1.215413	−1.367350	0.045004	0.102793	−0.906739	3.030687
Kur	19.14438	17.26383	17.96167	30.01108	115.3699	50.32298
JB	12461.20	9861.226	10465.44	34110.71	590466.0	106412.6

COVID-19 health crisis period (from December 2, 2019 to December 21, 2022)
	Bahrain	Kuwait	Oman	Qatar	Saudi Arabia	UAE
Panel A: Conventional index returns
Mean	0.000335	0.000284	0.000195	0.000156	0.000362	0.000588
Max	0.034233	0.061446	0.027620	0.034106	0.068315	0.080762
Min	−0.060006	−0.116340	−0.057350	−0.102077	−0.086846	−0.084063
St. D	0.005670	0.010529	0.005407	0.008492	0.010034	0.011523
Sk	−1.830149	−3.264765	−1.121334	−1.727672	−1.794459	−0.452809
Kur	22.00037	39.45543	17.57530	24.42590	18.98901	19.09522
JB	17425.74	63838.11	10121.37	21921.52	12497.78	12095.07
Panel B: Islamic index returns
Mean	8.76E-05	0.000323	−3.08E-06	3.84E-05	0.000258	0.000650
Max	0.088677	0.056758	0.030007	0.036374	0.078117	0.076350
Min	−0.082752	−0.111291	−0.049481	−0.099417	−0.081500	−0.100405
St. D	0.010497	0.010201	0.006427	0.007762	0.009562	0.011435
Sk	0.002146	−3.078752	−0.716844	−1.842290	−1.616923	−1.379493
Kur	21.54297	37.79873	13.16410	29.39142	21.97256	23.85981
JB	15888.35	57708.03	4868.715	32811.77	17116.29	20458.44
Panel C: RavenPack COVID sentiment
Mean	−2.315216	−2.205838	−3.495595	−2.025324	−6.980351	−8.204676
Max	11.50000	15.36000	19.40000	23.39000	20.78000	17.89000
Min	−23.23000	−27.94000	−30.04000	−33.85000	−51.29000	−45.21000
St. D	4.791915	5.928783	6.010876	6.105490	10.77691	10.53742
Sk	−0.663279	−0.774372	−0.699203	−0.875094	−0.782618	−0.705348
Kur	4.746236	4.869607	5.268650	6.228517	4.425496	3.426449
JB	148.2805	181.7328	218.9880	415.8330	138.1951	66.96756

COVID-19 health crisis period (from December 2, 2019 to December 21, 2022)
	Bahrain	Kuwait	Oman	Qatar	Saudi Arabia	UAE
Panel A: Conventional index returns
Mean	0.000335	0.000284	0.000195	0.000156	0.000362	0.000588
Max	0.034233	0.061446	0.027620	0.034106	0.068315	0.080762
Min	−0.060006	−0.116340	−0.057350	−0.102077	−0.086846	−0.084063
St. D	0.005670	0.010529	0.005407	0.008492	0.010034	0.011523
Sk	−1.830149	−3.264765	−1.121334	−1.727672	−1.794459	−0.452809
Kur	22.00037	39.45543	17.57530	24.42590	18.98901	19.09522
JB	17425.74	63838.11	10121.37	21921.52	12497.78	12095.07
Panel B: Islamic index returns
Mean	8.76E-05	0.000323	−3.08E-06	3.84E-05	0.000258	0.000650
Max	0.088677	0.056758	0.030007	0.036374	0.078117	0.076350
Min	−0.082752	−0.111291	−0.049481	−0.099417	−0.081500	−0.100405
St. D	0.010497	0.010201	0.006427	0.007762	0.009562	0.011435
Sk	0.002146	−3.078752	−0.716844	−1.842290	−1.616923	−1.379493
Kur	21.54297	37.79873	13.16410	29.39142	21.97256	23.85981
JB	15888.35	57708.03	4868.715	32811.77	17116.29	20458.44
Panel C: RavenPack COVID sentiment
Mean	−2.315216	−2.205838	−3.495595	−2.025324	−6.980351	−8.204676
Max	11.50000	15.36000	19.40000	23.39000	20.78000	17.89000
Min	−23.23000	−27.94000	−30.04000	−33.85000	−51.29000	−45.21000
St. D	4.791915	5.928783	6.010876	6.105490	10.77691	10.53742
Sk	−0.663279	−0.774372	−0.699203	−0.875094	−0.782618	−0.705348
Kur	4.746236	4.869607	5.268650	6.228517	4.425496	3.426449
JB	148.2805	181.7328	218.9880	415.8330	138.1951	66.96756


	BITCOIN	ETHEREUM	XPR	HALACHAIN	HELLOGOLD	X8X_TOKEN
Panel D: Cryptocurrencies returns
Mean	0.002969	0.004639	0.001554	0.000321	0.002115	0.025222
Max	0.176044	0.219405	0.423353	1.966510	3.681385	2.773463
Min	−0.433714	−0.563071	−0.549549	−1.618760	−3.689977	−1.971844
St. D	0.039801	0.054248	0.065894	0.247641	0.277908	0.245447
Sk	−2.202687	−2.141302	−0.575578	0.011170	0.003367	2.822560
Kur	29.43642	25.91587	20.90638	19.12190	114.1190	40.32355
JB	33430.48	25294.36	14984.73	12096.94	574670.4	66317.92


	BITCOIN	ETHEREUM	XPR	HALACHAIN	HELLOGOLD	X8X_TOKEN
Panel D: Cryptocurrencies returns
Mean	0.002969	0.004639	0.001554	0.000321	0.002115	0.025222
Max	0.176044	0.219405	0.423353	1.966510	3.681385	2.773463
Min	−0.433714	−0.563071	−0.549549	−1.618760	−3.689977	−1.971844
St. D	0.039801	0.054248	0.065894	0.247641	0.277908	0.245447
Sk	−2.202687	−2.141302	−0.575578	0.011170	0.003367	2.822560
Kur	29.43642	25.91587	20.90638	19.12190	114.1190	40.32355
JB	33430.48	25294.36	14984.73	12096.94	574670.4	66317.92

Note(s): Max: maximum, Min: minimum, St. D: standard deviation, Sk:skewness, Kur:kurtosis, JB:Jarque–Bera

Source(s): Authors' calculations

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