Effect Of Inflation, Exchange Rates, And Trading Volume Activity On  Stock Price Indices During The Covid-19 Pandemic On Companies  In The Basic Industry And Chemical Sectors

Nelly  Ervina; Khairul  Azwar; Elly  Susanti; Christine  Dewi Nainggolan

doi:10.46729/ijstm.v3i6.693

Nelly Ervina Lecture, Sekolah Tinggi Ilmu Ekonomi Sultan Agung Pematangsiantar.
Khairul Azwar Lecture, Sekolah Tinggi Ilmu Ekonomi Sultan Agung Pematangsiantar.
Elly Susanti Accounting, Sekolah Tinggi Ilmu Ekonomi Sultan Agung, Pematangsiantar, Indonesia.
Christine Dewi Nainggolan Accounting, Sekolah Tinggi Ilmu Ekonomi Sultan Agung, Pematangsiantar, Indonesia.

DOI: https://doi.org/10.46729/ijstm.v3i6.693

Keywords: Inflation, exchange rate, TVA, and stock price index.

Abstract

Covid-19 has an impact on the economy, where ADB decreased with estimates in Asian Developing
Countries by 3.0 ppts to 2.2%, and for ASEAN by 3.7 ppts to 1.0% (ASEAN, 2020). In addition, one of the
indicators that shows that the occurrence of stock market movements, can be seen through the country's
stock price index. The Composite Stock Price Index (JCI), which is one of the benchmarks for the
Indonesian stock market, on March 5, 2020 was at 5,638.13 and experienced a low on March 24, 2020 at
3,937.63. This study aims to determine the effect of inflation, exchange rate, and TVA on the stock price
index in the basic and chemical industry sectors, which in this case uses data in the period January 2020 -
June 2022, namely the period where the stock price index of the basic industry and chemical sectors shows a
downward trend in April 2020 and November 2020. The sampling technique used in this study was
purposive sampling samples so that 64 Companies in the Basic and Chemical Industries Sector were
obtained listed on the IDX. The data analysis technique used in this study uses descriptive statistical analysis
to describe the data that has been collected. The results of the study for the F test showed that inflation,
exchange rates and TVA had a positive and significant effect on the stock price index. While the results of
the t-test show that inflation has a positive and insignificant effect, the exchange rate has a positive and
significant effect on the stock price index, and TVA has a negative and insignificant effect on the stock price
index.

Downloads

Download data is not yet available.

References

[1] F. Ismiyanti, “Sektor Pasar Modal Ikut Terdampak Pandemi Covid-19,” Jatim Newsroom, 2021.
https://kominfo.jatimprov.go.id/read/umum/sektor-pasar-modal-ikut-terdampak-pandemi-covid-19
[2] D. N. Utami and R. Maulana, “Kinerja IHSG Kuartal I/2020 : Sektor Barang Konsumsi Pimpin Kinerja
Sektoral,” Bisnis.com, 2020. https://market.bisnis.com/read/20200403/7/1222199/kinerja-ihsg-kuartal-i2020-
sektor-barang-konsumsi-pimpin-kinerja-sektoral-.
[3] I. Puspitasari and Y. Winarto, “Indeks sektor industri dasar dan kimia anjlok 21,24%, begini kata analis,”
Kontan.co.id, 2020. https://investasi.kontan.co.id/news/indeks-sektor-industri-dasar-dan-kimia-anjlok-2124-
begini-kata-analis?page=2
[4] K. Azwar, E. Susanti, and W. Astuty, “Pengaruh Informasi Akuntansi terhadap Harga Saham Serta Dampaknya
terhadap PBV pada Sub Sektor Farmasi yang Terdaftar Di BEI,” J. Ekon. Ekon. Syariah, vol. 3, no. 2, pp.
330–340, 2020, doi: https://doi.org/10.36778/jesya.v3i2.203.
[5] V. Q. Duy, “The Impact of Macroeconomic Factors on Stock Price Index, VN-Index,” IJISET - Int. J. Innov.
Sci. Eng. Technol., vol. 3, no. 7, pp. 69–84, 2016, [Online]. Available:
https://ijiset.com/vol3/v3s7/IJISET_V3_I7_06.pdf
[6] E. Susanti, K. Azwar, and Astuti, “Peranan Inflasi Dalam Memoderator Pengaruh Fundamental Perusahaan
Terhadap Harga Saham,” in Prosiding Seminar Nasional & Call for Paper STIE AAS, 2020, pp. 74–85.
[Online]. Available: https://prosiding.stie-aas.ac.id/index.php/prosenas/article/view/49
[7] S. Riantani and M. Tambunan, “Analisis Pengaruh Variabel Makroekonomi dan Indeks Global terhadap Return
Saham,” in SEMINAR NASIONAL TEKNOLOGI INFORMASI & KOMUNIKASI TERAPAN 2013 (SEMANTIK
2013), 2013, pp. 532–537. [Online]. Available:
http://publikasi.dinus.ac.id/index.php/semantik/article/view/814/601
[8] R. Rismala and Elwisam, “Pengaruh Inflasi, Bi Rate, Kurs Rupiah, Dan Harga Emas Dunia Terhadap Indeks
Harga Saham Sektor Pertambangan Di Indonesia,” Oikonomia J. Manaj., vol. 15, no. 2, pp. 80–97, 2019,
1657
International Journal Of Science, Technology & Management ISSN: 2722 - 4015
http://ijstm.inarah.co.id
[Online]. Available: http://journal.unas.ac.id/oikonamia/article/view/753
[9] A. Fuadi, “Inflasi dan Nilai Tukar Rupiah Terhadap Indeks Saham Syariah Indonesia,” J. Akunt. Bisnis Pelita
Bangsa, vol. 5, no. 1, pp. 1–12, 2020, doi: https://doi.org/10.37366/akubis.v5i01.102.
[10] O. Setyani, “Pengaruh Inflasi Dan Nilai Tukar Terhadap Indeks Saham Syariah Indonesia,” Islam. J. Ekon.
Islam, vol. 8, no. 2, pp. 213–238, 2017, doi: https://doi.org/10.32678/ijei.v8i2.76.
[11] R. Saputra, E. Litriani, and D. A. Akbar, “Pengaruh Bi Rate, Inflasi, Nilai Tukar Rupiah, Dan Sertifikat Bank
Indonesia Syariah (SBIS) Terhadap Indeks Saham Syariah Indonesia (ISSI),” I-ECONOMICS A Res. J. Islam.
Econ., vol. 3, no. 1, pp. 51–72, 2017, [Online]. Available:
http://jurnal.radenfatah.ac.id/index.php/ieconomics/article/view/1484
[12] U. Mardiyati and A. Rosalina, “Analisis Pengaruh Nilai Tukar, Tingkat Suku Bunga Dan Inflasi Terhadap
Indeks Harga Saham Studi Kasus Pada Perusahaan Properti yang Terdaftar di Bursa Efek Indonesia,” JRMSI J.
Ris. Manaj. Sains Indones., vol. 4, no. 1, pp. 1–15, 2013, doi: https://doi.org/10.32678/ijei.v8i2.76.
[13] P. F. P. Cahya, I. W. Suwendra, and F. Yudiaatmaja, “Pengaruh Nilai Tukar Rupiah Dan Inflasi Terhadap
Indeks Harga Saham Sektor Properti Dan Real Estate Yang Tercatat Di Bursa Efek Indonesia,” Bisma J.
Manaj., vol. 4, no. 1, 2018, doi: https://doi.org/10.23887/bjm.v4i1.21989.
[14] A. Yuliani and N. Rosyidah, “Pengaruh Variabel Makroekonomi dan Volume Perdagangan Saham Terhadap
Indeks Harga Saham Jakarta Islamic Indeks (JII) (Periode Januari 2017 – Desember 2020),” in Proceedings of
International Conference On Islam Education Management and Sharia Economics, 2021, pp. 428–451.
[Online]. Available: https://prosiding.stainim.ac.id/index.php/prd/article/view/165/108
[15] T. Fitriani, S. K. Asnawi, and Hendrian, “Pengaruh Kurs Tukar, Dana Asing, dan Volume Perdagangan
Terhadap Indeks Harga Saham,” Own. Ris. J. Akunt., vol. 6, no. 2, pp. 2147–2155, 2022, doi:
https://doi.org/10.33395/owner.v6i2.842.
[16] Idx.co.id, “Ringkasan Indeks,” 2020. [Online]. Available: https://www.idx.co.id/data-pasar/ringkasanperdagangan/ringkasan-indeks/
[17] Www.bi.go.id, “Data Inflasi,” 2020. [Online]. Available: https://www.bi.go.id/id/statistik/indikator/datainflasi.aspx
[18] A. A. Thobarry, “Analisis Pengaruh Nilai Tukar, Suku Bunga, Laju Inflasi Dan Pertumbuhan Gdp Terhadap
Indeks Harga Saham Sektor Properti (Kajian Empiris Pada Bursa Efek Indonesia Periode Pengamatan Tahun
2000-2008 ),” Diponegoro, 2009. [Online]. Available: http://eprints.undip.ac.id/19029/
[19] S. W. Haider, “Impact of Interest Rate, Inflation Rate, Exchange Rate and Gold Prices on Karachi Meezan
Index 30,” EJIB Eur. J. Islam. Financ., no. 10, pp. 1–7, 2018, doi: https://doi.org/10.13135/2421-2172/2584.