The Influence of Macroeconomic to Indonesia Shariah Stocks Index
Jurnal Ekonomi & Bisnis, Vol.7 No 2 Jul 2013, ISSN: 1978-3116
Posted: 27 Nov 2017
Date Written: July 20, 2013
Abstract
Islamic capital market is one of the investments that can be chosen by muslims in particular and society in general. To measure the performance of Islamic stock price in capital market used a measuring tool that Indonesian Sharia Stock Index (ISSI). Suspected Islamic stock index movement is affected by macroeconomic conditions. The purpose of this paper is to analyze the effect of macroeconomic variables on ISSI during the period May 2011 to April 2013. The method of analysis used in this paper is linear regression. Results of this study indicate that variable inflation have a negative influence on ISSI, interest rates have a positive influence on ISSI, while the money supply have a positive influence on ISSI. Then simultaneously variable inflation, interest rates, and the money supply significantly influence the ISSI. While partial test showed that only variable the money supply that has a significant influence on ISSI
Keywords: Emerging Market, Islamic capital market, Indonesian Sharia Stock Index
JEL Classification: G10, G11
Suggested Citation: Suggested Citation