East

North

North east

South

West

ARCH (α)

0.1843

0.5489

0.3123

0.2776

0.1716

(0.0628)

(0.0812)

(0.0464)

(0.0335)

(0.0374)

Asymmetry (γ)

−0.2388

−0.0729

0.0994

−0.033

0.04

(0.0368)

(0.0540)

(0.0362)

(0.0314)

(0.0256)

GARCH (β)

0.1614

0.4851

0.8518

0.8642

0.9642

(0.1092)

(0.0877)

(0.0391)

(0.0140)

(0.0119)