Stock markets in Philippines, Pakistan, and Taiwan show strong day-of-the-week effects.
The study looked at how stock markets in 21 emerging countries perform differently on different days of the week. They found that some markets, like the Philippines, Pakistan, and Taiwan, show consistent patterns of better or worse performance on certain days, even when accounting for overall market risk. Most emerging markets don't show this pattern, but some do have strong day-of-the-week effects.