Influence Of International Sharia Stock Index, Macroeconomic Variables and Commodity Prices on The Jakarta Islamic Index During The Covid-19 Pandemic

Authors

  • Adimas Agus Ahmad Asy’arie Universitas Islam Negeri Sayyid Ali Rahmatullah Tulungagung
  • Agus Eko Sujianto Universitas Islam Negeri Sayyid Ali Rahmatullah Tulungagung
  • Khusnul Mufidati Universitas Islam Negeri Sayyid Ali Rahmatullah Tulungagung

Keywords:

Macroeconomic Variables, Sharia Stock Index, Jakarta Islamic Index, Commodity Prices, Vector Error Correction Model (VECM)

Abstract

This research was motivated by the decline in the Islamic stock price index in Indonesia as indicated by the Jakarta Islamic Index (JII) which occurred during the Covid-19 pandemic. In addition, on an international scale, the Syrian stock index also shows a downward trend as indicated by the Dow Jones Islamic Market Index (DJIM) and the FTSE Shariah Global Index (FTSWORLDS). In addition, macroeconomic variables and commodity prices have not been spared during this pandemic. This research is a quantitative study using the Vector Error Correction Model (VECM) and processed with the Eviews Version 12 program. The sample of this study was during the Covid-19 pandemic, namely the period from September 2019 to February 2022. The results showed that: DJIM had a significant positive effect against JII; FTSWORLDS has a significant positive effect on JII; inflation has no significant effect on JII; the Rupiah exchange rate has a significant negative effect on JII; world gold prices have a significant negative effect on JII; world oil prices have a significant negative effect on JII; and DJIM, FTSWORLDS, inflation, rupiah exchange rate, world gold prices and world oil prices did not have a dominant impact on JII fluctuations.

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Published

2023-01-05