The social restriction policy is one of the government policy responses in facing the COVID-19 pandemic which has caused concern around the world. This policy is expected to hold the spread of COVID-19 but also be considered to affect the economy. This study examines stock market reactions in ASEAN emerging countries to the social restriction policies using the panel data regression method. The results show that the increased intensity of social restrictions policies negatively affect stock market returns in ASEAN emerging countries. These results prove that the social restriction policies which are considered a critical action in dealing with the COVID-19 pandemic are counterproductive to the stock market performance.