PENGARUH NILAI TUKAR, CADANGAN DEVISA DAN INDEKS HARGA KONSUMEN TERHADAP INDEKS SAHAM SYARIAH NEGARA-NEGARA ASIA

Abstract

This research aims to analyze the influence of the Exchange Rate, Foreign Exchange Reserves and Consumer Price Index on the Sharia Stock Index for Asian Countries, where the object of this research is the sharia stock index of Indonesia, Malaysia, Japan and India. The regression model used is the panel data regression method for the period January 2019-December 2023. The results of the regression analysis show that the exchange rate, foreign exchange reserves and consumer price index variables together have a significant effect on the sharia stock index for Asian countries. The R-squared value is 0.981648, which means that 98% of the variation in the sharia stock index for Asian countries can be explained by variations in the exchange rate variables, foreign exchange reserves and consumer price index. The results of this study show that the exchange rate variable has a positive and insignificant effect on the sharia stock index of Asian countries, foreign exchange reserves have a positive and significant effect on the sharia stock index of Asian countries, while the consumer price index has a positive and significant effect on the sharia stock index of Asian countries. Asian country