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Testing of Market Anomalies (Day of the Week Effect) on the Lq-45 Stock Index on the Indonesia Stock Exchange

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The study identifies the Day of the Week Effect in LQ-45 stocks, specifically noting significant effects on Thursday.
Using the paired sample t-test, results indicate Monday, Tuesday, and Friday have positive but insignificant stock returns.
Wednesday shows a negative effect, underlining variations in stock performance on different days.
This analysis covers 40 companies on the Indonesia Stock Exchange from February 2024 to January 2025.

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Analysis reveals the Day of the Week Effect in LQ-45 stocks, highlighting significant influences on Thursday and insignificant results on other days.

Murtini et al. (2025) studied this question.

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Analysis reveals the Day of the Week Effect in LQ-45 stocks, highlighting significant influences on Thursday and insignificant results on other days.