Behavioural  economists typically  argue  that stock  prices  can be  substantially  influenced by  the  mood of  investors.  For instance, researchers  have found  stocks  prices to be positively af fected by positive events such as  sunshine  and  upcoming holidays  (Kim  and  Park,  1994).  Ramadan is  one  of the  five pillars  of  Islam,  which is  the  religious practice  of  fasting from  dawn  to sunset  during  the ninth month of the Islamic calendar. Several studies,  such as (Białkowski et al. (2012), Al-Hajieh  et  al. (2011)  and   Al-Khazali   (2014),  have   found   stocks  in   Muslim  countries  to   yield   higher  returns   during   Ramadan  compared to  the  rest of  the  year. Their  results  were  explained  by the  fact  that  Ramadan  encourages Muslims  optimism which has a positive effect on stock price.