scholarly journals Pengaruh Variabel Makroekonomi Terhadap Index Harga Saham Syariah

2020 ◽  
Vol 25 (1) ◽  
pp. 1
Author(s):  
Annisa.M.Zaimsyah, Alvira.A.Ayun, Khofidlotur Rofi’ah, Sri Herianingrum
Keyword(s):  
Interest Rates ◽  
Stock Prices ◽  
Stock Price ◽  
Least Square ◽  
Future Research ◽  
Macroeconomic Variables ◽  
Macroeconomic Conditions ◽  
Macroeconomic Indicators ◽  
Negative Effect ◽  
Muslim Majority

The purpose of this paper to investigate macroeconomic indicators affects sharia stock prices in Asia Muslim majority countries. This research used inflation, interest rates and exchange rate in Indonesia, Malaysia, Saudi Arabia and Bangladesh. This research use data panels and multiple linear regression analyses using Ordinary Least Square (OLS) method as parameter. The results shows inflation and exchange rates have no effect in sharia stock prices, while interest rates have negative effect. Implications for investors who want to invest in stocks to attention macroeconomic variables that affect movement of stock price, information that related macroeconomic conditions, information that predict fluctuation stock price. This study has limitations only focus in four countries in Asia and only use three most dominant macro variables. Future research can improved other macroeconomic variables such world oil prices and gross domestic income. Novelty of this research examines the Sharia stock market in Muslim majority countries in Asia.

Analisis Pengaruh Inflasi, Nilai Tukar Rupiah, dan BI-Rate terhadap Harga Indeks Saham Syariah Indonesia

2021 ◽  
Vol 4 (2) ◽  
pp. 47-56
Author(s):  
Fifi Afiyanti Tripuspitorini
Keyword(s):  
Exchange Rate ◽  
Interest Rates ◽  
Stock Prices ◽  
Stock Price ◽  
Partial Least Square ◽  
Least Square ◽  
Stock Index ◽  
Macroeconomic Factors ◽  
Negative Effect ◽  
Monthly Period

Islamic investment is experiencing an upward trend from year to year. Many investors are starting to look at Islamic stocks. One of the Islamic stocks in Indonesia is the Indonesian Sharia Stock Index (ISSI). Investors must have many careful considerations to invest. One of the factors that may influence stock prices is macroeconomic factors. This study aims to determine how macroeconomic variables in the form of inflation, the rupiah exchange rate against the dollar, and Bank Indonesia interest rates can affect the ISSI stock price. This study uses a quantitative data approach. The data is obtained from the Sharia Stock Index (ISSI) in the monthly period January 2016 to December 2018.Meanwhile, data analysis used Partial Least Square (PLS) with the help of WarpPLS. The results showed that inflation and the rupiah exchange rate had no effect on the ISSI stock price. while the BI rate has a significant negative effect on the ISSI stock price.

scholarly journals PENGARUH INFLASI, SUKU BUNGA DAN NILAI TUKAR RUPIAH TERHADAP HARGA SSAHAM PERUSAHAAN SEKTOR PROPERTI DAN REAL ESTATE YANG TERCATAT DI BURSA EFEK INDONESIA

2018 ◽  
Vol 6 (1) ◽  
Author(s):  
Fitri Ramadani
Keyword(s):  
Exchange Rate ◽  
Data Analysis ◽  
Interest Rates ◽  
Stock Prices ◽  
Stock Price ◽  
Least Square ◽  
Ordinary Least Square ◽  
Analysis Techniques ◽  
Negative Effect ◽  
The Exchange Rate

Thepurpose of this research is to knowthe influence of inflation,interestrates, and the exchange rate of the rupiah against the stock price. This research wasconducted on 30 companies secto rproperty and real estatelisted onthe IndonesiastockexchangePeriod 2012 – 2014. Data analysis techniques used in research namely OLS (Ordinary Least Square)through the help of multiple software SPSS version 18.0. Research results indicate that simultaneous inflation, interest rates, the rupiah exchanger ateand effect on stock prices. Research partially indicate that inflation is not a negative and apositive effect against the stock price, while the negative effect of interest rates significantly to the stock price and the exchange rate of rupiah apositive significant effect against the stock price.

scholarly journals REAKSI HARGA SAHAM PERUSAHAAN AGRIBISNIS INDEKS LQ-45 TERHADAP PERUBAHAN VARIABEL MAKROEKONOMI

2019 ◽  
Vol 7 (2) ◽  
pp. 129-140
Author(s):  
Alghif Aruni Nur Rukman ◽  
Harianto Harianto ◽  
Suprehatin Suprehatin
Keyword(s):  
Exchange Rates ◽  
Interest Rates ◽  
Stock Prices ◽  
Stock Price ◽  
Time Series Data ◽  
Series Data ◽  
Macroeconomic Variables ◽  
Negative Effect ◽  
Stock Price Reaction

This study aims to analyze the effect of changes in macroeconomic variables, namely exchange rates, interest rates, and inflation on stock prices of agribusiness companies on the LQ-45 index. This study used monthly time series data from 2008-2018 and analyzed by the VECM method. The results showed that the stock price reaction of eight agribusiness companies in the LQ-45 index varies with changes in macroeconomic variables both in the short and long term. In the short term, changes in exchange rates had a positive and significant effect on one company stock prices, while changes in inflation and interest rates had a negative and significant effect on four companies and one company respectively. In the long term, the results showed that changes in exchange rates had a positive and significant effect on two companies’ stock prices, while it had a negative and significant effect on five companies. The result also showed that changes in inflation had a positive and negative effect on one company and six companies respectively in the long term. Also besides changes in interest rates had a positive and negative effect on two companies’ stock prices respectively.

scholarly journals PENGARUH TINGKAT INFLASI, SUKU BUNGA BI, DAN NILAI TUKAR RUPIAH TERHADAP IHSG

2021 ◽  
Vol 10 (2) ◽  
pp. 118-129
Author(s):  
Desi Ratjaya Ningsih ◽  
Nur Aida Arifah Tara ◽  
Muhdin Muhdin
Keyword(s):  
Exchange Rate ◽  
Interest Rates ◽  
Capital Market ◽  
Stock Prices ◽  
Stock Price ◽  
Quantitative Methods ◽  
Price Index ◽  
Market Conditions ◽  
Negative Effect ◽  
The Relationship

The Composite Stock Price Index (IHSG) is a description of information regarding the movements of all stock prices that affect capital market conditions and produce a trend. There are three factors that mainly influence the IHSG, namely inflation, BI interest rates, and the rupiah exchange rate. The purpose of this study was to examine the relationship between inflation, BI interest rates, rupiah exchange rate and the IHSG in the period of 2016-2020. The method in this research used quantitative methods. The results showed that inflation and BI interest rates have a negative and insignificant effect on the IHSG, while the Rupiah exchange rate has a significant negative effect on the IHSG.Keywords :IHSG, Inflasi, Suku Bunga BI, Nilai Tukar Rupiah

scholarly journals Macroeconomic Approach of the Determinants of Stock Price Movements in Jordan

2016 ◽  
Vol 8 (2) ◽  
pp. 60 ◽  
Author(s):  
Imad Zeyad Ramadan
Keyword(s):  
Stock Prices ◽  
Stock Price ◽  
Stock Exchange ◽  
Least Square ◽  
Cross Sectional ◽  
Industrial Firms ◽  
Macroeconomic Factors ◽  
Industrial Companies ◽  
Inflation Rates ◽  
Negative Effect

<p>This study aimed to test the effect of macroeconomic factors on the movements of stock prices of Jordanian industrial companies listed in Amman Stock Exchange (ASE) in order to provide empirical evidence about the determinants of the movements of stock prices. To achieve this objective, all the 77 Jordanian industrial firms listed at ASE for fifteen years from 2000 to 2014 have been selected, resulting in 1054 firm-year observations. The unbalanced pooled cross-sectional time series multiple least square regression method has been used to present data analysis. while the experiential results showed significant negative effect of two of the macroeconomic factors, namely, interest and inflation rates, on the movements of the Jordanian industrial companies stock prices, results found that the effect of money supply and GDP on the movements of stock prices were significantly positive. These results are consistent with (Mukherjee and Naka, 1995, Zhao, 1999 &amp; Udegbunam and Eriki, 2001, Al-Qenae, Li &amp; Wearing, 2002, Dimitrios Tsoukalas, 2003 , Ibrahim 2003; Chaudhuri and Smiles, 2004)</p>

scholarly journals Analisis Pengaruh Faktor Fundamental terhadap Harga Saham pada Perusahaan yang Konsisten Terdaftar di Jakarta Islamic Index

2021 ◽  
Vol 1 (3) ◽  
pp. 710-717
Author(s):  
Fadhillah Syahba Adrisa ◽  
Ade Ali Nurdin ◽  
Iwan Setiawan
Keyword(s):  
Interest Rates ◽  
Stock Prices ◽  
Stock Price ◽  
Financial Ratios ◽  
Current Ratio ◽  
Return On Equity ◽  
Macroeconomic Variables ◽  
Insignificant Effect ◽  
Equity Ratio

This study aims to determine the effect of fundamental factors on the stock prices of companies that are consistently listed on the Jakarta Islamic Index (JII) during the 2014-2018 period, either partially or simultaneously. Fundamental factors consist of financial ratios, namely Current Ratio (CR), Debt to Equity Ratio (DER), Earning Per Share (EPS), and Return On Equity (ROE), as well as macroeconomic variables represented by Inflation and Bank Indonesia Interest Rates ( BI Rate). The results showed that partially the ROE variable had a significant effect on JII's stock price, while CR, DER, EPS, Inflation, and BI Rate had a negative and insignificant effect on JII's stock price. Simultaneously the variables CR, DER, EPS, ROE, Inflation, and BI Rate have a significant effect on JII's stock price.

scholarly journals Macroeconomic Changes And Prices Stock In Real Estate And Property Firm

2020 ◽  
Vol 7 (1) ◽  
pp. InPress
Author(s):  
Rita Indah Mustikowati ◽  
Sri Wilujeng
Keyword(s):  
Real Estate ◽  
Interest Rates ◽  
Stock Prices ◽  
Sampling Technique ◽  
Macroeconomic Conditions ◽  
Analysis Technique ◽  
Property Companies ◽  
Negative Effect ◽  
The Interest Rate ◽  
Positive Effect

This research was conducted to examine changes in macroeconomic conditions on stock prices in real estate and property companies. The aim of this research is to explain the changes in macroeconomic conditions on the stock prices of real estate and property companies. The sampling technique used was purposive sampling with a sample of 14 companies from 48 real estate and property companies listed on the JSX. The analysis technique used is multiple regression. Based on the results of the analysis, it was found that changes in macroeconomic conditions, namely inflation, had no positive effect on the stock prices of real estate and property companies. This is because the amount of demand for real estate and property will increase in accordance with population growth. Other findings show that the interest rate proxied from the BI Rate has a negative effect on the stock prices of real estate and property companies. Increased interest rates from the BI Rate will cause investors to be no longer interested in investing in the money market because it is considered more profitable to invest with high interest rates.

scholarly journals Measuring the Impact of Some Macroeconomic Variables on the Stock Price Index in the Iraq Stock Exchange for the period (2006-2015)

2019 ◽  
Vol 8 (4) ◽  
pp. 93
Author(s):  
Khalil Gh. Hassan ◽  
Wafaa Sabah
Keyword(s):  
Stock Prices ◽  
Stock Price ◽  
Price Index ◽  
Stock Exchange ◽  
Consumer Price Index ◽  
Macroeconomic Variables ◽  
Long Run ◽  
Negative Effect ◽  
Stock Price Index ◽  
The Impact

This study aims at measuring the impact of some macroeconomic variables on stock prices index in the Iraqi Stock Exchange (ISX) for the monthly data from January 2006 to December 2015 based on (121) observations using the ARDL model. Results indicated that the stock price index of Iraq Stock Exchange (ISX) and macroeconomic variables are co-integrated and a long-run relationship exists between them. The long-run coefficients suggested that the consumer price index (CPI) and money supply (M2) had a negative effect while the Interest-Rate-Current Account (Over Draft) (DR) had a positive effect on the stock prices index. However, the variable exchange rate (EX) did not show significant effect on the stock prices index

scholarly journals Effect of Corporate Fundamental and Macro Economic Factors on Share Prices in Indonesia Stock Exchange Market

2020 ◽  
Vol 1 (2) ◽  
pp. 117-127
Author(s):  
Mulyanto Mulyanto ◽  
◽  
Riyanti Riyanti ◽  
Keyword(s):  
Interest Rates ◽  
Stock Prices ◽  
Stock Price ◽  
Stock Exchange ◽  
Secondary Data ◽  
Sampling Technique ◽  
Least Square ◽  
Research Subjects ◽  
Macroeconomic Factors ◽  
Share Prices

This paper aims to examine and analyze the influence of fundamental and macroeconomic factors on stock prices either partially or simultaneously. The research subjects focused on LQ45 Index companies listed on the Indonesia Stock Exchange. Secondary data of Indonesian stock market share prices covering between 2013-2019 were used. One Least Square was used to analyze the data. The sampling technique used is the purposive sampling method, the sample used is the LQ45 Index Company. The results shows fundamental factors include ROA, ROE, DER, EPS, and PER have a positive and significant effect on stock prices. and Inflation and interest rates have a negative and significant effect on stock prices. And simultaneously these variables have a significant and significant effect on stock prices. The study can provide a picture that stock price movements have a strong and clear influence on the company's fundamentals and are reflected in some of the ratios contained in the financial statements, as well as macroeconomic conditions.

Macroeconomic Factors and Pakistani Equity Market”

2004 ◽  
Vol 43 (4II) ◽  
pp. 619-637 ◽  
Author(s):  
Muhammad Nishat ◽  
Rozina Shaheen
Keyword(s):  
Stock Market ◽  
Industrial Production ◽  
Stock Prices ◽  
Stock Price ◽  
Consumer Price Index ◽  
Reverse Causality ◽  
Macroeconomic Factors ◽  
Macroeconomic Variables ◽  
Equilibrium Relationships

This paper analyzes long-term equilibrium relationships between a group of macroeconomic variables and the Karachi Stock Exchange Index. The macroeconomic variables are represented by the industrial production index, the consumer price index, M1, and the value of an investment earning the money market rate. We employ a vector error correction model to explore such relationships during 1973:1 to 2004:4. We found that these five variables are cointegrated and two long-term equilibrium relationships exist among these variables. Our results indicated a "causal" relationship between the stock market and the economy. Analysis of our results indicates that industrial production is the largest positive determinant of Pakistani stock prices, while inflation is the largest negative determinant of stock prices in Pakistan. We found that while macroeconomic variables Granger-caused stock price movements, the reverse causality was observed in case of industrial production and stock prices. Furthermore, we found that statistically significant lag lengths between fluctuations in the stock market and changes in the real economy are relatively short.

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