ANALISIS PENGARUH VARIABEL MAKROEKONOMI TERHADAP INDEKS SAHAM SYARIAH INDONESIA

Pengaruh Makro thd ISSIIslamic 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. This study using secondary data from the monthly closing price for ISSI variable. Then monthly data for macroeconomic variables from the central bureau of statistics and Bank Indonesia’s monthly report. 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

JEB Vol.7 No 2 Jul 2013 ANALISIS PENGARUH VARIABEL MAKROEKONOMI TERHADAP INDEKS SAHAM SYARIAH INDONESIA

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