Analysis Of Differences In Share Prices Before And In Covid-19 Pandemic Era(Case Studies In The Sub-Sector Of Telecommunications, Hotel And Tourism, Health, Bumn Finance, And Transportation Listed On The Indonesia Stock Exchange)

: This study aims to determine the differences of share prices in the telecommunications, hotel and tourism, health, finance and transportation sub-sectors listed on the Indonesia Stock Exchange before and in the Covid-19 pandemic era. An analysis of stock price movements is carried out by investors to reduce investment risk. This aim is to minimize the possibility of losses from investment activities, especially in the midst of the Covid-19 pandemic that occurred at the beginning of March 2020. The existence of this outbreak caused the Composite Stock Price Index (ISHG) to weaken due to the application of Large-Scale Social Restrictions (PSBB) or social distancing by the government. However, stock trading activities are still valid and carried out. The research method used is descriptive and verification methods with a quantitative approach, using the research sample consisted of 28 companies. The results showed that descriptively the average stock price development in the telecommunications, hotel and tourism, health, finance, and transportation sub-sectors experienced fluctuations which tended to decline as a result of the Covid-19 pandemic. Meanwhile, based on verification study show that there is a significant difference between the share price at telecommunication, hotel and tourism, health, finance, and transportation sub-sector before and in pandemic era.


Introduction
Stock price movements analysis have an important role for investors.This is done by investors to reduce investment risk.Risk is defined as the possibility of a loss that will be experienced by investors as a result of investment activities.Apart from considering investment risks, investors also need to consider the returns that the company will provide.Return is defined as the expected profit from investing activities.
The share price is the price of a share that occurs on the stock exchange at a certain time which is determined by market players and is determined by the demand and supply of the shares concerned in the capital market (Jogiyanto, 2008: 167).In daily stock trading activities, stock prices fluctuate either in the form of increases or decreases.This stock price fluctuation is influenced by many factors, both factors that are specific to the stock such as the performance of the company and the industry in which the company operates, as well as macro factors such as the country's economic conditions, social and political conditions, as well as growing rumors (Brigham and Houston, 2010).
At the beginning of March 2020, there was a virus outbreak called the Covid-19 pandemic.The existence of this epidemic caused the Composite Stock Price Index (ISHG) to weaken 5.01%.This attenuation occurred significantly due to the implementation of Large-Scale Social Restrictions (PSBB) or social distancing by the government.In addition, the issues surrounding the Covid-19 pandemic are very vulnerable to affecting the stock exchange, however, stock trading activities are still valid and carried out (Source: https://invest.kontan.co.id).Based on the data above, it can be seen that there was a drastic decline in share prices from various subsectors before the Covid-19 pandemic (January-February 2020) and in the Covid-19 pandemic era (March-April).It can be concluded that the Covid-19 pandemic has spread to the stock market in Indonesia.The declining value of shares is a reflection of the development of stock investment in the future.It is feared that the Covid-19 pandemic will cause many issuers' shares to drop, including companies in the blue chip category.

Company name
From various sectors, some of the sub-sectors that experienced a significant direct impact were the telecommunications, hotel and tourism, health, finance and transportation sub-sectors.The shares of the telecommunications sub-sector fell 35.5% compared to the previous year due to the switching of investors' preferences to a more attractive sector (Source: https://money.kompas.com).Meanwhile, the decline in shares in the hotel / tourism and transportation sub-sector was caused by a ban on tourist flights to Indonesia to prevent the spread of the Covid-19 virus in Indonesia (Source: https://databoks.com).As for the financial sub-sector, the decline in stocks as a result of the Covid-19 pandemic occurred in line with a decrease in net profit of 2.9% compared to the previous year (Source: https://cnbcindonesia.com).
Based on the description of the research background above, the researcher is interested in conducting research with the title "Analysis of Differences in Stock Prices Before and in the Covid-19 Pandemic era (Case Studies in the Telecommunications, Hotel and Tourism, Health, BUMN Finance, and Transportation Sub-sectors Listed in Indonesia stock exchange)".

Stock price
The share price is the price that must be issued to obtain proof of ownership or participation in a company.Stock price formation occurs because of the demand and supply of these shares.Supply and demand occurs due to many factors, both factors that are specific to the stock, such as the performance of the company and the industry in which the company operates, as well as macro factors such as the country's economic conditions, social and political conditions, as well as growing rumors.
According to Sartono (2008: 70), share price is a mechanism of demand and supply in the capital market, if a share is in demand, the stock price will rise, on the other hand, if a stock is excess supply, the stock price will tend to fall.The price of a share at any given time will depend on the cash flow an investor is expected to receive in the future if an investor buys a stock.

Research Framework and Hypotheses
The Covid-19 pandemic outbreak caused the Composite Stock Price Index (ISHG) to weaken.This attenuation occurred significantly due to the implementation of Large-Scale Social Restrictions (PSBB) or social distancing by the government.In addition, the issues surrounding the Covid-19 pandemic are very vulnerable to affecting the stock exchange, however, stock trading activities are still valid and carried out.
From various sectors, some of the sub-sectors that experienced a significant direct impact were the telecommunications, hotel and tourism, health, finance and transportation sub-sectors.The shares of the telecommunication sub-sector experienced a decline compared to the previous year in line with the switching of investors' preferences to a more attractive sector.Meanwhile, the decline in shares in the hotel / tourism and transportation sub-sector was caused by a ban on tourist flights to Indonesia to prevent the spread of the Covid-19 virus in Indonesia.As for the financial sub-sector, the decline in stocks as a result of the Covid-19 pandemic occurred in line with a decrease in net profit compared to the previous year.Hypothesis 1: There is a significant difference in share prices in the telecommunications sub-sector before and after Covid-19 Hypothesis 2: There is a significant difference in share prices in the hotel and tourism sub-sector before and after Covid-19 Hypothesis 3: There is a significant difference in share prices in the health sub-sector before and after

Covid-19
Hypothesis 4: There are significant differences in share prices in the financial sub-sector before and after

Covid-19
Hypothesis 5: There is a significant difference in share prices in the transportation sub-sector before and after Covid-19

Types and Sources of Research Data
The type of research carried out in this study, namely using descriptive and verification methods with a quantitative approach.Descriptive method is intended to identify and examine how the development of stock prices in the sub-sector telecommunications, hotels and tourism, health, finance, and transportationbefore and after the Covid-19 pandemic.While the verification method is used to determine and examine how the differences in share prices in the sub-sectors telecommunications, hotels and tourism, health, finance, and transportationbefore and after the Covid-19 pandemic.Sources of research data using secondary data obtained from the website https://www.idx.co.id/.

Population and Research Sample
The population in this study were companies in the sub-sector telecommunications, hotels and tourism, health, finance, and transportation listed on the Indonesia Stock Exchange (IDX).The sampling technique used was purposive sampling method.Based on these criteria, the samples determined are as follows:

Operationalization of Variables
The operational variables used in the study are as follows:

Variable Variable Definitions Measurement Scale
Stock price "The stock price is a mechanism of demand and supply in the capital market, if a share experiences demand, the share price will rise, on the other hand, if a share is excess supply, the share price will tend to fall" Sartono (2008: 70) Final share prices before Covid-19 (January-February 2020) and after Covid-19 (March-April) Ratio

Data analysis method Classic Assumption Testing
This test is done for test the error of the model used in the study used to predict.According to Santoso (2012: 358), a good model is a model with minimal forecast errors.Therefore, before testing the hypothesis, it must first be tested the classical assumptions.The classical assumption test used in this study is only the normality test.

Hypothesis Testing (Different Test)
Hypothesis testing in this study is determined based on the results of the data normality test.If the data is normally distributed, a parametic test or Paired Sample t-Test is used.Meanwhile, if the data is not normally distributed, then a non-parametric test is used, namely the Wilcoxon Signed Rank Test.The two different test models are used to analyze the pre-post or before and after research models.Different tests are used to evaluate certain treatments in the same sample at two different observation periods (Pramana, 2012).
Paired sample t-Test used to test the difference between two paired samples.Paired samples are defined as a sample with the same subject, but undergo two different treatments in the situation before and after the process.The basis for decision making on the paired sample t-test is that if the probability (Asymp.Sig) <0.05, it is stated that there is a significant difference between before and after the observation process.

Research result
The development of share prices in the telecommunications sub-sector before and after the Covid-19 pandemic are as follows: Based on the table above, it is known that the average share price development in the telecommunications sub-sector has fluctuated, which tends to decrease between before and after the Covid-19 pandemic (Anwar et al., 2021).This condition indicates that companies have not been able to maintain capital gains (profits from buying and selling shares).Although the use of internet data consumption increases along with the need for work from home and online learning systems, this does not affect the movement of share prices in the telecommunications sub-sector towards an increase.Furthermore, the development of share prices in the hotel and tourism sub-sector before and after the Covid-19 pandemic are as follows: Based on the table above, it is known that the average share price development in the hotel and tourism subsector has fluctuated, which tends to decrease between before and after the Covid-19 pandemic.This condition indicates that the growth in the stock performance of these companies is experiencing correction.This is due to the lockdown activity which causes operational activities to stop.As a result, the company suffered losses and the stock price fell.

Company
Meanwhile, the development of share prices in the health sub-sector before and after the Covid-19 pandemic are as follows: Rp2,29 2 Based on the table above, it is known that the average share price development in the health sub-sector has fluctuated, which tends to decrease between before and after the Covid-19 pandemic.This condition indicates that the Covid-19 pandemic outbreak has also had an impact on the performance of shares in the health sub-sector.Although public concern for health increases along with the need for medicines, masks and hand sanitizers, this also does not affect the movement of share prices in the health sub-sector towards an increase.
The development of share prices in the financial sub-sector before and after the Covid-19 pandemic are as follows: Based on the table above, it is known that the averageThe development of share prices in the financial subsector has fluctuated, which tends to decrease between before and after the Covid-19 pandemic.This condition indicates that the financial market continues to be under pressure due to the decline in daily transactions.This is because market conditions have made investors shift to safer asset classes so that stock prices have also decreased.

Company
The developments in share prices in the transportation sub-sector before and after the Covid-19 pandemic are as follows: Based on the table above, it is known that the average share price development in the transportation subsector has fluctuated, which tends to decrease between before and after the Covid-19 pandemic.This condition indicates that there is low demand on the stock market.This is due to a decrease in both domestic and foreign tourists along with physical restrictions in an effort to cut the spread of the Covid-19 pandemic.

Stock price
Sig.Based on the results of normality testing, the significance level of the research variables was 0.518 and 0.703.These results prove that the analyzed data is normally distributed because the significance level is greater than 0.05.

Hypothesis Testing Results
Because the results of the normality test of the research sample were stated to be normally distributed, the Paired Sample t-Test was used to test the hypothesis.The following are the results of hypothesis testing for stock prices in the telecommunications sub-sector: Based on the table above, the mean value of the shares of the telecommunications sub-sector before Covid-19 is greater than the mean value of the stock price of the telecommunications sub-sector in Covid-19 era, it means that descriptively there is a difference in the mean value between the pre-test and post-test results.Furthermore, it is also obtained the correlation value of the stock prices of the telecommunications sub-sector before Covid-19 and in Covid-19 era, namely 0.315 with a significance value of 0.000.Due to the sig.<0.05, it can be said that there is a relationship between the share price of the telecommunications sub-sector before Covid-19 and in Covid-19 era.The sig value.(2-tailed) the share price of the telecommunications sub-sector before Covid-19 and in Covid-19 era, namely 0,000.Due to the sig.<0, 05 it can be said that there is a significant difference in the share price of the telecommunications sub-sector before and in Covid-19 era.This means that H0 is rejected and H1 is accepted.

Stock price
Next, here are the results of hypothesis testing for stock prices in the hotel and tourism sub-sector: Based on the table above, the mean value of the hotel and tourism sub-sector stock prices before Covid-19 is greater than the mean value of the hotel and tourism sub-sector stock prices in Covid-19 era, it means that descriptively there is a difference in the mean value between the pre-test results and the results.post test.Furthermore, the correlation value for the hotel and tourism sub-sector stocks was obtained before Covid-19 and in Covid-19 era , namely 0.629 with a significance value of 0.013.Due to the sig.<0.05, it can be said that there is a relationship between the share prices of the hotel and tourism sub-sector before Covid-19 and in Covid-19 era.The sig value.(2-tailed) the share price of the hotel and tourism sub-sector before Covid-19 and after Covid-19, namely 0,000.Due to the sig.<0, 05 it can be said that there is a significant difference in the share prices of the hotel and tourism sub-sector before and after Covid-19.This means that H0 is rejected and H2 is accepted.

Stock price
While the results of hypothesis testing for stock prices in the health sub-sector are as follows: Based on the table above, the mean value of the health sub-sector stock price before Covid-19 is greater than the mean value of the health sub-sector stock price in Covid-19 era, it means that descriptively there is a difference in the mean value between the pre-test and post-test results.Furthermore, it is also obtained the correlation value of the health sub-sector stock prices before Covid-19 and in Covid-19 era, namely 0.308 with a significance value of 0.000.Due to the sig.<0.05, it can be said that there is a relationship between the share prices of the health subsector before Covid-19 and in Covid-19 era.The sig value.(2-tailed) the share price of the health sub-sector before Covid-19 and in Covid-19, namely 0.017.Due to the sig.<0, 05, it can be said that there is a significant diference in the share price of the health sub-sector before and in Covid-19 era.This means that H0 is rejected and H3 is accepted.

Stock price
The results of hypothesis testing for share prices in the financial sub-sector are as follows: Based on the table above, it is found that the mean value of the share price of the financial sub-sector before Covid-19 is greater than the mean value of the share price of the financial sub-sector in Covid-19 era, it means that descriptively there is a difference in the mean value between the pre-test and post-test results.Furthermore, it is also obtained the correlation value of the stock prices of the financial sub-sector before Covid-19 and in Covid-19 era, namely 0.342 with a significance value of 0.000.Due to the sig.<0.05, it can be said that there is a relationship between the share prices of the financial sub-sector before Covid-19 and in Covid-19 era.The sig value.(2-tailed) the share price of the financial sub-sector before Covid-19 and after Covid-19, namely 0.005.Due to the sig.<0, 05, it can be said that there is a significant difference in the share price of the financial sub-sector before and in Covid-19 era.This means that H0 is rejected and H4 is accepted.

Stock price
The results of hypothesis testing for share prices in the transportation sub-sector are as follows: Stock Based on the table above, it is found that the mean value of the share price of the transportation sub-sector before Covid-19 is greater than the mean value of the share price of the transportation sub-sector in Covid-19 era, it means that descriptively there is a difference in the mean value between the pre-test and post-test results.Furthermore, it is also obtained the correlation value of the stock prices of the transportation sub-sector before Covid-19 and in Covid-19 era, namely 0.551 with a significance value of 0.000.Due to the sig.<0.05, it can be said that there is a relationship between the share prices of the transportation sub-sector before Covid-19 and in Covid-19 era.The sig value.(2-tailed) the share price of the transportation sub-sector before Covid-19 and in Covid-19 era, namely 0.005.Due to the sig.<0, 05, it can be said that there is a significant difference in the share price of the transportation sub-sector before and in Covid-19 era.This means that H0 is rejected and H5 is accepted.

Discussion
Telecommunication Sub-Sector Share Prices Before and in the Covid-19 Pandemic Era The average share price development in the telecommunications sub-sector has fluctuated, which tends to decrease between before and in the Covid-19 pandemic era.Although the use of internet data consumption increases along with the need for work from home and online learning systems, this does not affect the movement of share prices in the telecommunications sub-sector towards an increase.Based on the results of the Paired Sample t-Test, it was obtained the mean value of the shares price of the telecommunications sub-sector before Covid-19 is greater than the mean value of the stock price of the telecommunications sub-sector in Covid-19 era, which means that descriptively there is a difference in the mean value between the pre-test and post-test results.
Furthermore, based on the correlation value, the results show that there is a relationship between the stock prices of the telecommunications sub-sector before Covid-19 and in Covid-19 era.Meanwhile, based on hypothesis testing, the sig value is obtained (2-tailed) the share price of the telecommunications sub-sector before Covid-19 and in Covid-19 era that is smaller than 0.05.So it can be said that there is a significant difference in the share price of the telecommunications sub-sector before and in Covid-19 era.This means that H0 is rejected and H1 is accepted.

Hotel and Tourism Sub-Sector Stock Prices Before and in the Covid-19 Pandemic Era
The average share price development in the hotel and tourism sub-sector has fluctuated, which tends to decrease between before and in the Covid-19 pandemic era.This is due to the lockdown activity which causes operational activities to stop.As a result, the company suffered losses and the stock price fell.Based on the results of the Paired Sample t-Test, it was obtained the mean value of the share price of the subsectors hotels and tourism before Covid-19 which is greater than the mean value of the sub-sector's share price hotels and tourism in Covid-19 era, it means that descriptively there is a difference in the mean value between the pre-test results and the post-test results.
Furthermore, based on the correlation value, the results show that there is a relationship between the stock prices of the hotel and tourism sub-sector before Covid-19 and in Covid-19 era.Meanwhile, based on hypothesis testing, the sig value is obtained.(2-tailed) the share price of the hotel and tourism sub-sector before Covid-19 and in Covid-19 era that is smaller than 0.05.So it can be said that there is a significant difference in the stock prices of the hotel and tourism subsectors before and in Covid-19 era .This means that H0 is rejected and H2 is accepted.

Health Sub-Sector Share Prices Before and in the Covid-19 Pandemic Era
The average share price development in the health sub-sector has fluctuated, which tends to decrease between before and in the Covid-19 pandemic era.Although public concern for health increases along with the need for medicines, masks and hand sanitizers, this also does not affect the movement of share prices in the health subsector towards an increase.Based on the results of the Paired Sample t-Test, it was obtainedthe mean value of the share price of the subsectors health before Covid-19 which is greater than the mean value of the sub-sector's share price health in Covid-19 era, it means that descriptively there is a difference in the mean value between the pretest results and the post-test results.Furthermore, based on the correlation value, the results show that there is a relationship between the sub-sector share prices healthbefore Covid-19 and in Covid-19 era.Meanwhile, based on hypothesis testing, the sig value is obtained.(2-tailed) sub-sector share prices health before Covid-19 and in Covid-19 era which was less than 0.05.So it can be said that there is a significant difference in the share price of the subsectors health before and in covid-19 era.This means that H0 is rejected and H3 is accepted.

Financial Sub-Sector Share Prices Before and in the Covid-19 Pandemic Era
The average share price development in the financial sub-sector has fluctuated, which tends to decrease between before and in the Covid-19 pandemic era.This is because market conditions have made investors shift to safer asset classes so that stock prices have also decreased.Based on the results of the Paired Sample t-Test, it was obtained the mean value of the share price of the subsectors finance before Covid-19 which is greater than the mean value of the sub-sector's share price finance in Covid-19 era, it means that descriptively there is a difference in the mean value between the pre-test results and the post-test results.
Furthermore, based on the correlation value, the results show that there is a relationship between the sub-sector share prices finance before Covid-19 and in Covid-19 era.Meanwhile, based on hypothesis testing, the sig value is obtained.(2-tailed) sub-sector share prices finance before Covid-19 and in Covid-19 era which was less than 0.05.So it can be said that there is a significant difference in the share price of the subsectors finance before and in covid-19 era.This means that H0 is rejected and H4 is accepted.

Transportation Sub-Sector Share Prices Before and in the Covid-19 Pandemic Era
The average share price development in the transportation sub-sector has fluctuated, which tends to decrease between before and in the Covid-19 pandemic era.This is due to a decrease in both domestic and foreign tourists along with physical restrictions in an effort to cut the spread of the Covid-19 pandemic.Based on the results of the Paired Sample t-Test, it was obtained the mean value of the share price of the subsectors transportation before Covid-19 which is greater than the mean value of the sub-sector's share price transportation in Covid-19 era, it means that descriptively there is a difference in the mean value between the pre-test results and the post-test results.Furthermore, based on the correlation value, the results show that there is a relationship between the sub-sector share prices transportation before Covid-19 and in Covid-19 era.Meanwhile, based on hypothesis testing, the sig value is obtained.(2-tailed) sub-sector share prices transportation before Covid-19 and in Covid-19 era which was less than 0.05.So it can be said that there is a significant difference in the share price of the subsectors transportation before and after covid-19.This means that H0 is rejected and H5 is accepted.

Conclusion
In general, there are significant differences between share prices in the telecommunications, hotel and tourism, health, finance, and transportation sub-sectors before and in the Covid-19 pandemic era.This is obtained from testing the hypothesis using the Paired Sample t-test.The development of share prices in these four subsectors also experienced fluctuations which tended to decrease between before and in the Covid-19 pandemic era.This is the result of the spread of Covid-19 in Indonesia.This condition indicates that companies have not been able to maintain capital gains (profits from buying and selling shares).The Covid-19 pandemic has caused the growth in the stock performance of these companies to experience a correction.As a result, the market continues to be depressed due to reduced daily transactions in various sectors as well as low demand on the stock market.