The study looked at stock returns in East Asian markets after 1998 to see if certain days of the week had consistent effects on returns and volatility. They used different tests to compare average returns and volatility levels. The results showed that the day-of-the-week effect was present in most markets, with some days showing higher returns than others. However, daily returns volatility was not significant in these markets. These findings suggest that the day-of-the-week effect is still a factor in East Asian markets, unlike in developed markets where it is less pronounced.