The Impact of Oil Price and Other Macroeconomic Variables on The Islamic and Conventional Stock Index in Indonesia

Muhammad Syafii Antonio, Aam S. Rusydiana, Wahyu Sugeng Imam Soeparno, Lina Nugraha Rani, Wahyu Ario Pratomo, Abdillah Arif Nasution


The Islamic capital market plays an important role in the growth of the economy in Indonesia. During its development, the performance of the stock index in a country is often influenced by other stock indices in other countries. This study tries to analyze dependance of macroeconomic variable towards JII and IHSG price, using Autoregression Distributed Lag (ARDL). The results show that the Consumer Price Index (CPI) and exchange rate (EXC) significantly affect the movement of the JII and IHSG price index. This indicates that the movement of the JII and IHSG index in the short term is influenced by domestic production and exchange rate. Furthermore, the results of the research show a little uniqueness in the crude oil price (COP) variable.

Keywords: ARDL, Macroeconomic, Oil price, Islamic stock

JEL Classifications: E44, F41, Q43


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