Abstract
This study aims to determine the effect of the BI rate, the dollar exchange rate, the yuan exchange rate, the Dow Jones index, the Shanghai index and world oil prices on the composite stock price index (CSPI). The data used is the period from January 2014 to December 2018 with the multiple regression analysis method. The results showed that the BI rate, Dollar Exchange, Yuan Exchange, Dow Jones, SSE Composite Index and WTI were able to explain the 91.8% effect on CSPI and the remaining 8.2% explained by other variables not examined. T test results show that partially BI interest rates, the yuan and Shanghai exchange rates do not have a significant effect on CSPI. While the dollar exchange rate, Dow Jones Index and world crude oil prices have a significant influence on the composite stock price index (CSPI) with coefficients respectively - 0.41705, +0.21245 and -7.86373. The independent variable that has the most dominant influence on CSPI is Crude Oil (WTI).
Highlights
Stock price index is one indicator that describes the movement of stock prices
At the moment some issuers are not included in the composite stock price index (CSPI) calculation, for example ex-Surabaya Stock Exchange issuers for reasons of not transaction activity so prices have not been created in the market
According to Tandelilin (2010: 86) CSPI is an index that uses all stocks listed as price index calculations
Summary
Stock price index is one indicator that describes the movement of stock prices. Index becomes one of the guidelines for investors in considering investing in the capital market, especially stocks. The Composite Stock Price Index (CSPI) uses all listed companies as a component of index calculation. At the moment some issuers are not included in the CSPI calculation, for example ex-Surabaya Stock Exchange issuers for reasons of not (or not yet) transaction activity so prices have not been created in the market. According to Tandelilin (2010: 86) CSPI is an index that uses all stocks listed as price index calculations.
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