For 2013, Ramadan began in the evening of July 8 and would end after thirty days which would be on the evening of August 7. According to University of Denver's Josef Korbel School of International Studies' professor on Middle East and Islamic Politics, Nader Hashemi, Ramadan meant a break from every day's way of life.
"The time for entertainment and traveling is severely limited; you spend time with immediate family. They're celebrating, gathering. Mosque attendance goes up. It's a month of charity, of more giving to the downtrodden," he added.
In stock markets, a month-long rally called Ramadan Effect was expected. The holy month for the Muslim signified almost nine times higher of stock returns in primarily Muslim nations.
A published study made by Fazal Seyyed and his colleagues entitled "Seasonality in Stock Returns and Volatility: The Ramadan Effect", a regular pattern of decline in instability for the whole month was reported. This further implied that Ramadan would make a relevant effect for the value of securities especially in merchandises. The decisions made by venture capitalist regarding asset allocation were also greatly influenced in the Islamic countries.
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