Table 2 Directional spillover indexes... | Emerald Publishing

Table 2

Directional spillover indexes (%) between RavenPack COVID sentiment and conventional and Islamic stock markets, index and cryptocurrencies returns

	Bahrain							Kuwait
	From							From
To	Sentba	ret_bac	ret_bai	ret_btc	ret_x8x-token	From others	To	Sentkw	ret_kwc	ret_kwi	ret_btc	ret_x8x_token	From others
sentba	99	0.4	0.1	0.2	0.2	1	sentkw	95.8	0.5	1.8	1.4	0.5	4.2
ret_bac	1.1	95.8	1.7	1.1	0.3	4.2	ret_kwc	0.5	90	7.9	1.4	0.3	10
ret_bai	0.5	11	87.4	0.9	0.3	12.6	ret_kwi	0.4	52.6	45	1.7	0.3	55
ret_btc	0.2	4.7	0.9	93.6	0.6	6.4	ret_btc	1.1	2.2	0.5	95.6	0.6	4.4
ret_x8x-token	1.8	0.7	0.7	1	95.8	4.2	ret_x8x_token	1.1	0.2	0.2	1	97.4	2.6
Contribution to Others	3.6	16.8	3.4	3.3	1.4	28.4	Contribution to Others	3.1	55.5	10.4	5.5	1.8	76.2
Net contribution (To - From)	2.6	12.6	−9.2	−3.1	−2.8	Total Connectedness 5.7%	Net contribution (To - From)	−1.1	45.5	−44.6	1.1	−0.8	Total Connectedness 15.2%
Conclusion	Net transmitter	Net transmitter	Net recipient	Net recipient	Net recipient		Conclusion	Net recipient	Net transmitter	Net recipient	Net transmitter	Net recipient

	Bahrain							Kuwait
	From							From
To	Sentba	ret_bac	ret_bai	ret_btc	ret_x8x-token	From others	To	Sentkw	ret_kwc	ret_kwi	ret_btc	ret_x8x_token	From others
sentba	99	0.4	0.1	0.2	0.2	1	sentkw	95.8	0.5	1.8	1.4	0.5	4.2
ret_bac	1.1	95.8	1.7	1.1	0.3	4.2	ret_kwc	0.5	90	7.9	1.4	0.3	10
ret_bai	0.5	11	87.4	0.9	0.3	12.6	ret_kwi	0.4	52.6	45	1.7	0.3	55
ret_btc	0.2	4.7	0.9	93.6	0.6	6.4	ret_btc	1.1	2.2	0.5	95.6	0.6	4.4
ret_x8x-token	1.8	0.7	0.7	1	95.8	4.2	ret_x8x_token	1.1	0.2	0.2	1	97.4	2.6
Contribution to Others	3.6	16.8	3.4	3.3	1.4	28.4	Contribution to Others	3.1	55.5	10.4	5.5	1.8	76.2
Net contribution (To - From)	2.6	12.6	−9.2	−3.1	−2.8	Total Connectedness 5.7%	Net contribution (To - From)	−1.1	45.5	−44.6	1.1	−0.8	Total Connectedness 15.2%
Conclusion	Net transmitter	Net transmitter	Net recipient	Net recipient	Net recipient		Conclusion	Net recipient	Net transmitter	Net recipient	Net transmitter	Net recipient

	Oman							Qatar
	From							From
To	Sentom	ret_omc	ret_omi	ret_btc	ret_x8x_token	From others	To	Sentqa	ret_qac	ret_qai	ret_btc	ret_x8x_token	From others
sentom	98.8	0.1	0.1	0.7	0.3	1.2	Sentqa	96.8	1.1	1.7	0.2	0.2	3.2
ret_omc	0.8	97.2	0.9	1	0.2	2.8	ret_qac	0.2	97.3	0.9	1	0.5	2.7
ret_omi	2.4	20.6	76.2	0.6	0.2	23.8	ret_qai	0.3	35.9	63.2	0.4	0.3	36.8
ret_btc	0.3	2.3	1.6	95.1	0.7	4.9	ret_btc	0.5	1.8	1.9	95.1	0.8	4.9
ret_x8x_token	0.7	0.3	0.6	0.9	97.5	2.5	ret_x8x_token	0.4	0.7	0.2	1.1	97.5	2.5
Contribution to Others	4.2	23.4	3.2	3.1	1.4	35.3	Contribution to Others	1.4	39.5	4.7	2.7	1.8	50.1
Net contribution (To - From)	3	20.6	−20.6	−1.8	−1.1	Total Connectedness 7.1%	Net contribution (To - From)	−1.8	36.8	−32.1	−2.2	−0.7	Total Connectedness 10%
Conclusion	Net transmitter	Net transmitter	Net recipient	Net recipient	Net recipient		Conclusion	Net recipient	Net transmitter	Net recipient	Net recipient	Net recipient

	Oman							Qatar
	From							From
To	Sentom	ret_omc	ret_omi	ret_btc	ret_x8x_token	From others	To	Sentqa	ret_qac	ret_qai	ret_btc	ret_x8x_token	From others
sentom	98.8	0.1	0.1	0.7	0.3	1.2	Sentqa	96.8	1.1	1.7	0.2	0.2	3.2
ret_omc	0.8	97.2	0.9	1	0.2	2.8	ret_qac	0.2	97.3	0.9	1	0.5	2.7
ret_omi	2.4	20.6	76.2	0.6	0.2	23.8	ret_qai	0.3	35.9	63.2	0.4	0.3	36.8
ret_btc	0.3	2.3	1.6	95.1	0.7	4.9	ret_btc	0.5	1.8	1.9	95.1	0.8	4.9
ret_x8x_token	0.7	0.3	0.6	0.9	97.5	2.5	ret_x8x_token	0.4	0.7	0.2	1.1	97.5	2.5
Contribution to Others	4.2	23.4	3.2	3.1	1.4	35.3	Contribution to Others	1.4	39.5	4.7	2.7	1.8	50.1
Net contribution (To - From)	3	20.6	−20.6	−1.8	−1.1	Total Connectedness 7.1%	Net contribution (To - From)	−1.8	36.8	−32.1	−2.2	−0.7	Total Connectedness 10%
Conclusion	Net transmitter	Net transmitter	Net recipient	Net recipient	Net recipient		Conclusion	Net recipient	Net transmitter	Net recipient	Net recipient	Net recipient

	SaudiArabia							United Arab Emirates
	From							From
To	Sentsa	ret_sac	ret_sai	ret_btc	ret_x8x_token	From others	To	Sentuae	ret_uaec	ret_uaei	ret_btc	ret_x8x_token	From others
Sentsa	94.9	3.8	0.1	1	0.3	5.1	sentuae	97.7	0.7	0.9	0.5	0.3	2.3
ret_sac	0.3	84.7	13.7	1.1	0.2	15.3	ret_uaec	1.4	95	1.3	2.1	0.2	5
ret_sai	0.6	53.3	45.2	0.6	0.3	54.8	ret_uaei	1.2	31.6	66.3	0.8	0.1	33.7
ret_btc	0.9	1.8	2.1	94.6	0.7	5.4	ret_btc	0.3	2.1	0.9	96	0.7	4
ret_x8x_token	0.5	0.1	0.2	1	98.2	1.8	ret_x8x_token	0.3	0.2	0.1	1.1	98.4	1.7
Contribution to Others	2.2	58.9	16.1	3.8	1.4	82.4	Contribution to Others	3.1	34.6	3.2	4.4	1.4	46.8
Net contribution (To - From)	−2.9	43.6	−38.7	−1.6	−0.4	Total Connectedness 16.5%	Net contribution (To - From)	0.8	29.6	−30.5	0.4	−0.3	Total Connectedness 9.4%
Conclusion	Net recipient	Net transmitter	Net recipient	Net recipient	Net recipient		Conclusion	Net transmitter	Net transmitter	Net recipient	Net transmitter	Net recipient

	SaudiArabia							United Arab Emirates
	From							From
To	Sentsa	ret_sac	ret_sai	ret_btc	ret_x8x_token	From others	To	Sentuae	ret_uaec	ret_uaei	ret_btc	ret_x8x_token	From others
Sentsa	94.9	3.8	0.1	1	0.3	5.1	sentuae	97.7	0.7	0.9	0.5	0.3	2.3
ret_sac	0.3	84.7	13.7	1.1	0.2	15.3	ret_uaec	1.4	95	1.3	2.1	0.2	5
ret_sai	0.6	53.3	45.2	0.6	0.3	54.8	ret_uaei	1.2	31.6	66.3	0.8	0.1	33.7
ret_btc	0.9	1.8	2.1	94.6	0.7	5.4	ret_btc	0.3	2.1	0.9	96	0.7	4
ret_x8x_token	0.5	0.1	0.2	1	98.2	1.8	ret_x8x_token	0.3	0.2	0.1	1.1	98.4	1.7
Contribution to Others	2.2	58.9	16.1	3.8	1.4	82.4	Contribution to Others	3.1	34.6	3.2	4.4	1.4	46.8
Net contribution (To - From)	−2.9	43.6	−38.7	−1.6	−0.4	Total Connectedness 16.5%	Net contribution (To - From)	0.8	29.6	−30.5	0.4	−0.3	Total Connectedness 9.4%
Conclusion	Net recipient	Net transmitter	Net recipient	Net recipient	Net recipient		Conclusion	Net transmitter	Net transmitter	Net recipient	Net transmitter	Net recipient

Source(s): Authors' calculations