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All Journal Journal International Dakwah and Communication Sharia Oikonomia Law Journal
Rahma Sofia Nida
Institut Agama Islam Negeri Kudus
Humanities Economics, Econometrics & Finance Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Social Sciences Other

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The Impact of The Russian-Ukraine Invasion on The Reaction of Asean Stock Markets Rahma Sofia Nida; Farichatun Nafsi; Alya Rizka Amelia Putri; Riyan Andni; Anne Johanna
Journal International Dakwah and Communication Vol. 3 No. 1 (2023)
Publisher : Sekolah Tinggi Agama Islam Al-Hikmah Pariangan Batusangkar, West Sumatra, Indonesia.

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (422.127 KB) | DOI: 10.55849/jidc.v3i1.233

Abstract

This research is motivated by the Russian attack on Ukraine that occurred on February 24, 2022, which resulted in instability in the global stock market. This study aims to determine the reaction of the stock market in ASEAN countries to the event of Russia's invasion of Ukraine by comparing the abnormal value of returns before and after the event. Using quantitative methods based on the event study approach, this research was conducted on six ASEAN stock markets, namely Indonesia, Singapore, Vietnam, Malaysia, Philippines, and Thailand with an observation period of 30 days before and after the Russian-Ukrainian invasion. The data analysis techniques used in this study were normality tests and different tests with the Paired Sample T-Test and Wilcoxon Signed Rank Test. The results of the two different tests carried out showed abnormal return values that tended to be positive and insignificant. This means that the stock market reaction of ASEAN countries to the events of Russia's invasion of Ukraine is not so great or the information content is not very strong. In another sense, the announcement of this event does not put pressure on investors on the ASEAN stock market. The results of this study can help investors to see and evaluate the development of the stock market in ASEAN countries. This research can be a consideration for investors to see the resilience of ASEAN stock markets to an event that occurs.
Price Fluctuations of the Indonesian Sharia Stock Index (ISSI) Influenced by Inflation, FED Rate and BI Rate Rahma Sofia Nida; Amalina Ghassani; Siti Amaroh; Guijiao Zou
Sharia Oikonomia Law Journal Vol. 1 No. 2 (2023)
Publisher : Yayasan Pedidikan Islam Daarut Thufulah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55849/solj.v1i2.179

Abstract

This research was conducted from the background of fluctuating movements in ISSI prices due to macroeconomic influences, namely inflation and interest rates. Against this background, the purpose of the study is to examine the Indonesian Sharia Stock Index (ISSI) Price for 2018 – 2022 in terms of Inflation, The Fed Rate, and BI Rate. The research method used quantitative with secondary data. Data on Inflation, FED Rate, BI Rate and ISSI Share Price from 2018-2022 are obtained from the official website of related variables. Data is processed with the help of IBM SPSS 26 use multiple linear regression analysis methods. The results of data analysis prove that simultaneously variables of Inflation, FED Rate, and BI Rate significantly affect ISSI Price. The results of the t partially test, give the result that Inflation doesn't significantly affect the ISSI Price. Different results on variable interest rates, significant positive FED Rate and significant negative BI Rate affect the ISSI Price. This can be interpreted that interest rates are still an important reference used by investors for make their decision. The results of this research in the future will hopefully be useful for investors as an additional consideration in deciding to invest in Islamic stocks incorporated in the Indonesian Sharia Stock Index (ISSI).  
Co-Authors Alya Rizka Amelia Putri Amalina Ghassani Anne Johanna Farichatun Nafsi Guijiao Zou Riyan Andni Siti Amaroh