We perform time-frequency wavelet-based analysis to explore how the media coverage of the Covid-19 pandemic influenced the volatility of the Islamic equity indices, covering various sectors of economic activity. Our results show that the coherence between the Media Coverage Index and the moves of the Islamic stocks varies from low and medium to high levels. We attribute the intervals of low coherence to the diversification potential of Islamic equity investments during a systemic pandemic such as Covid-19. We document differences in the patterns exhibited by various indices per sector, showing their potential role for designing hedging strategies across sectors, based on stocks of companies which comply with Shariah.

我们进行基于时频小波的分析，以探讨媒体对Covid-19大流行的报道如何影响伊斯兰股权指数的波动性，涵盖各个经济活动领域。我们的结果表明，媒体报道指数与伊斯兰股票走势之间的一致性从低，中到高水平不等。我们将低一致性的间隔归因于系统性大流行（例如Covid-19）期间伊斯兰股票投资的多元化潜力。我们记录了每个行业的各种指数所表现出的模式差异，显示出它们在根据符合伊斯兰教法的公司的股票来设计跨行业对冲策略中的潜在作用。