The Effect of World Commodity Prices, Fed Rate and Dow Jones Islamic Market Index on Indonesian Sharia Stock Index 2012-2021
Al Hafis Mulya Putra, Dr. Kusnendi, M.S., Suci Aprilliani Utami, S.Pd., M.E.Sy.

Universitas Pendidikan Indonesia

Abstract

The purpose of this study is to show the effect of world commodity prices, the fed rate and the Dow Jones Islamic Market Index on the Indonesian Sharia Stock Index 2012-2021. The research method used is descriptive quantitative by analyzing the relationship of monthly price movements of each research variable consisting of 120 research samples. Based on previous research, 3 hypotheses were built and the collected data were processed using time series data regression analysis through the EViews 10 application. The results showed that world commodity prices had a positive and insignificant effect on the Indonesian Islamic stock index, the fed rate had a negative and insignificant effect. the Indonesian Islamic stock index and the Dow Jones Islamic Market Index have a positive and significant effect on the Indonesian Islamic stock index. Simultaneously, world commodity prices, the fed rate and the Dow Jones Islamic Market Index have an influence on the Indonesian Sharia stock index.

Keywords: world commodity prices, fed rate, dow jones Islamic market index, Indonesian sharia stock index, dow theory, stock index

Topic: Islamic capital