Valued in hundreds of billions of Malaysian ringgit, the Bursa Malaysia Financial Services Index’s constituents comprise several of the strongest performing financial constituents in Bursa Malaysia’s Main Market. Although these constituents persistently reside mostly within the large market capitalization (cap), the existence of the individual constituent’s causal influence or intensity relative to each other’s performance during uncertain or even certain times is unknown. Thus, the key purpose of this paper is to identify and analyze the individual constituent’s causal intensity, from early 2018 (pre-COVID-19) to the end of the year 2021 (post-COVID-19) using Granger causality and Schreiber transfer entropy. Furthermore, network science is used to measure and visualize the fluctuating causal degree of the source and the effected constituents. The results show that both the Granger causality and Schreiber transfer entropy networks detected patterns of increasing causality from pre- to post-COVID-19 but with differing causal intensities. Unexpectedly, both networks showed that the small- and mid-caps had high causal intensity during and after COVID-19. Using Bursa Malaysia’s sub-sector for further analysis, the Insurance sub-sector rapidly increased in causality as the year progressed, making it one of the index’s largest sources of causality. Even after removing large amounts of weak causal intensities, Schreiber transfer entropy was still able to detect higher amounts of causal sources from the Insurance sub-sector, whilst Granger causal sources declined rapidly post-COVID-19. The method of using directed temporal networks for the visualization of temporal causal sources is demonstrated to be a powerful approach that can aid in investment decision making.

The international journal of Aerosol and Air Quality Research (AAQR) covers all aspects of aerosol science and technology, atmospheric science and air quality related issues.

Severe haze episodes have periodically occurred in Southeast Asia, specifically taunting Malaysia with adverse effects. A technique called cluster analysis was used to analyze these occurrences. Traditional cluster analysis, in particular, hierarchical agglomerative cluster analysis (HACA), was applied directly to data sets. The data sets may contain hidden patterns that can be explored. In this paper, this underlying information was captured via persistent homology, a topological data analysis (TDA) tool, which extracts topological features including components, holes, and cavities in the data sets. In particular, an improved version of HACA was proposed by combining HACA and persistent homology. Additionally, a comparative study between traditional HACA and improved HACA was done using particulate matter data, which was the major pollutant found during haze episodes by the Klang, Petaling Jaya, and Shah Alam air quality monitoring stations. The effectiveness of these two clustering approaches was evaluated based on their ability to cluster the months according to the haze condition. The results showed that clustering based on topological features via the improved HACA approach was able to correctly group the months with severe haze compared to clustering them without such features, and these results were consistent for all three locations.