This Study Investigates The IMPACT of the Covid 19 Pandemic On the Stock Market Volative Vlation of Developed and Emerging Markets. Stock Price Data for the Markets of China, India, Pakistan, The Uk and the us are any1st January 2016 to 31st December 2021; this time frame covers the pre-COVID period (January 2016 to December 2019) as well as the COVID period (January 2020 to December 2021).1

The Contagious Corona Virus (COVID 19) WAS FISCOVERED in the City of Wuhan in China During November 2019; From there, it spread to the white word short span of time.2 the world health organization (who) deflared it aPandemic on 11th March 2020. According to a Conference Research Service Report, The Pandemic Evolved As a Global Publicth Emergency, Which Led to Economic Tur MOIL THAT AFFECTED The World Economy Far More than Any Crisis Experienced in the Last 70 Years (CRS Report 2021).3 This Pandemic Posed A Severe Risk to Human Health AlongSide A Financial Threat to the World's Economies. Investors and Financial Markets Across the Globe Faced A IGH Degree of UNCERTAINTY As a Result of the Slowdown in the Different Nations' Economies. Due to the ContagiousNature of the virus, various measures we imposed by GOVERNMENTS, Including Lockdowns and Social Distance require Activities and a sizeable impact on Government, Company and HouseHold Budgets. In particular, to Reduce the Transmission of the Corona Virus, Many Count IMPOSED RESTRICTIONS on the Movement of People in the Form of Lockdowns and Quarantines, RESTRICTIONS on MOBILITY, The Shutting Down of MANUFACT Uring Operations, The CLOSURE of Educational Institutions and Limitations on Cross-Border Traffic.The level of eConomic and social activity.4 accounting tobasuony et al. (2021), The Pandemic Negatively AFFECTD the Flow of Goods And Services Across the World, Resulting in an increase in Commodity PriceS and An interrupting to supportRegions Including China, The US, The Eurozone and JAPAN.

With the spread of covid 19 cases, Investor Risk Aversion Increased in the us. In March 2020, The US Market Experienced Four Regime Shits in a Short Period of only wo weeks.5 These Circuit Breakers Had Previously Been INTRODUCED DRING THE 1987 Stock Market Crash(Gao et al. 2021). The Major Stock Market Indices (The Dow Jones, NASDAQ and Sandp 500) Plunged by 37.1, 30.1 and 31.9%, Respectively; this US $ 10 TRILLION D Rop in Market Value was equivalent to more than 45.0%of us GDP in 2019 (gao et al. 2021). In May 2020, The US Federal Reserve Cuts Key Interest Rate to Zero and Annound OF MOLICY POLICY to Safeguard liquidity of the stock Market. Yousaf (2021) Reported that, in March 2020, with the exception of japan, all G7 Stock Markets Hit A 20-Year Low with Time Frame of 24 H; The Stock Markets in These Countries by between 12.0 and 19.0% during this time period.6

In General, The Pandemic Had A Sizeable Effect on the Real Economies of Most Countries, Resulting in A Reduction in Trade, Transportation and Tourism, As Well As FOO D Shortages. In Addition to the Real Economy, The Impact of the DEADLY PANDEMIC on the World'sFinancial Markets WAS SIGNIFICANT. This Negative IMPACT of the Pandemic On Financial Markets Has Alream Been Researchers (Al-AWADHI et al. 202 0; bai et al. 2020; Baker et al. 2020; he et al. 2020; topcu andGulal 2020)Bangalore Wealth Management. These Researchers has been documented that the covid 19 pandemic was associated with negative Returns for Investors.

The Aim of the Current Study is to Investigate the more data. Ging and Developed Markets. As Information is a Key Driver of Volatility, It will have an influence onInvestor Trading Behavior Which, in Turn, Will Affect Stock Prices. These Price Changes Have Significant Implications for International Investors, Fund Managers and Policy-Makers (Gajurel and Chawla 2022). In adDition, accounting to khan et al. (2022), an, AnInvestigation of Transmission Mechaanisms Explains How the Stability and InterDepePenDependence AMANGETS CHANGE AN UNEXPECTED CRISIS EVENTAgra Stock. FURTHERMORMORMORE, TH E Degree of Volatility Transmission Indicates the Excent of Market Integration and Has Important Imprints for PortFolio Diversification (Mukherjee and Mishra 2010 ).

The Present Study Aims to Contribute Significantly to the Existing Liticture on Several Fronts. First, It Analysis the IMPACT of COVID-19 on Return Vlationility AC ross a sample compression both both deverted and emerging markets. SpecifiedUS (SANDP 500), The UK (FTSE 100), China (SSE SHANGHAI Composition), India (BSE Sensex), and PAKISTAN (KSE 100). Ude the country where the virus originated (China) And to Assess The Sensitivity of Two Emerging Markets (India and Pakistan) As Well As Two Developed Markets (The Uk and the US) To Ascertain if thes THEIR Responses o volatility variedUdabur Investment. Notbly, The Emerging Markets Under Consideration Are Two of the Region's MOSTDENSELY POPULED COUNTRIES WHERE The Virus Spread WAS PARTICularly Severe (Rasul et al. 2021).

Second, The Study Not Only Examines the Magnitude of SPILLOVERS Amongst The Selected Markets But Also Investigates their Directional Aspects, A DIMENSION OFTEN O. Verlooked in Previous Research. Specifically, The Current Study Examines if the normal direction of any Spillover During A Period as the.Reactions of Investors in Densely Populated Countries (India and Pakistan) With LESS Developed Health Systems Lead The Responses in the Uk and the US. Third, This Study Examines Cross-Market Variance Spillovers to Identify Both the Risk Transmitters and Recipients Across the MarketsDuring The Covid -9 Crisis Period. Such An Analysis is Crucial in Identifying The Leading Markets (Risk Transmitters) Both Before and During the Pandemic, there is, then By AIDING Investors in Formulating AppropriaTe Trading Strategies. AdDitionally, FROM A POLICY-MAKER's Standpoint, Identification The Sourcesof risk may assist in mitigating systemic risk during criods.

Furthermore, While Most Existing Studies Have Focused on the Impact of Covid-19 on Stock Market Volatilityis During The Initial Waves of Pandemi C, This Study Extends ITS Scope to Encompass A More Comprehensive Period of the Health Crisis, Including the Timeframe up to theLater Waves of Covid-19, Which Persiseted Untilla Late 2021.7

Finally, The Current Paper Draws on the Observations of Wang and Wu (2018), Which ACKNOWLEDGED THAT Investors and Policy-Makers Are Not Solely y but also with asymmetric volatilities; they want to know if the responses of stock Markets to ''And' Bad' News is Different for An Extreme Event. To address this aspect, The Current Study Emplays Asymmetric Garch Models to Investigate The Asymmetric Olatility transmissions among the markets, a factor that holds significant implications for stock pricing, randing strategies, And Diversification Benefits within the Markets.

Overall, The Current Study has Important Imprints for Policy-Makers and Portfolio ManagersBangalore Investment. In PARTICular, IT is critical to exceaticility of Financia. l asss and the consequences of volatility,May Be used Terms of Learning for Future Pandemics. This point is especially important as the covid 19 Crisis hs an expensive from a embitemic-mail pers Pective So Learning from this Might Reduce Costs in the Future in the event of Another Pandemic. FURTHERMORE,EVIDENCE on VOLELILITY and Spillovers in Relation to the Pandemic May Helket Participants to Form Hedging Strategies that Mitigate Against download R inventment portfolios. Not all asset classs (bouri et al. 2021), sectors (alomari et al. 2022) or countrees(Shrestha et al. 2020) WERE EQULLY IMPACTED by the Covid 19 Crisis. In Addition, SPILLOVERS ACROSSASET CLASSSSSSSSSSSSSSSSSSSSSSSSSSES and Countries WEERED DIFFERENTLY BY HIS PANDEMIC (Le et al. 2021). The Results from the Study Emphasise The Importation of Holding ABroad-Based Portfolio That Consist Not Just of Stocks But One THAT ALSO CONTAINS SAFE-HAVEN Assets SUCH As Bonds and Golds. They Sugest that Investors and S Need to Consider Volatility Spillovers Associated with A Pandemic Such as Covid 19 In Order to Protect their PortFoliosAnd Markets from Turbulence in Another Country's Security Market Adversely Impacting their Own National Stock Exchange.

The remainer of the page is organised as follows. Mployed and "Results and Discussion" Discusses The Empirical Results. Finally, "Conclusion" Concludes The Paper.