Islamic Stock Prices Research Articles

The Effects of Green Technology, Clean Energy, and Green Finance on Faith-Based Investments: Evidence from Islamic Stock Markets

This study examines the long-term relationship between Islamic Stock prices, faith-based investments, green technology, clean energy, and green finance. The variables used in the study are the Clean Energy Index for clean energy, Green Bond Index for green finance, the Renewable Energy and Clean Technology Index for green technology and the Islamic Market Index for Islamic Stocks’ closing prices, as explained by S&P. The utilized research model is the NARDL model, and the findings reveal a cointegration relationship between faith-based and green finance instruments. Green finance instruments are unsuitable for the research period to be used as a safe-haven or effective diversification instrument for faith-based portfolios. Comprehending faith-based investments’ relationship with other green finance assets is critical in supporting sustainable development with financial market instruments, which provide environmental and societal benefits. As a result, apprehending the relationship between faith-based investments and green finance instruments can contribute to increasing social and environmental responsibility awareness in financial markets. The study’s outcomes hold significance in understanding how investors in financial markets react to positive and negative shocks, estimating these effects, efficiently managing portfolios comprising green financial assets and faith-based investments, and formulating an appropriate investment strategy.

Impact of Sharia Stock Prices: A Study on Inflation, Exchange Rate, BI Rate, and Money Supply

This study aims to examine the effect of inflation, exchange rate, BI Rate, and the amount of money in circulation on Islamic stocks in companies listed on the Jakarta Islamic Index (JII). This study uses a sample of changes in the inflation rate, changes in the exchange rate, changes in the BI rate, changes in the money supply, and Islamic stock prices. This study uses secondary data, namely reports of changes in index obtained from the official website of the Indonesian Stock Exchange and the website of the Central Statistics Agency. With the results obtained in this study, inflation has a significant negative effect on Sharia Stock Prices, Exchange Rates have a significant negative effect on Sharia Stock Prices, amount of money in circulation has a significant positive effect on the price of Sharia shares. Inflation, Exchange Rate, BI Rate, and Money Supply have a simultaneous effect on Sharia Stock Prices in Companies Listed in the Jakarta Islamic Index. Managerial implications, especially for investment managers and fund managers in the Islamic capital market. Knowing the influence of inflation, exchange rates, BI interest rates, and money supply on Islamic stock prices allows managers to make better and more strategic investment decisions.

Prediction of The Islamic Stock Price Index and Risk of Loss Using The Long Short-Term Memory (LSTM) and Value At Risk (VaR)

Prediction of The Islamic Stock Price Index and Risk of Loss Using The Long Short-Term Memory (LSTM) and Value At Risk (VaR)

Indonesia Sharia Stock Investment During Covid-19: Based on Islamic Economic Law Review

The development of technology and financial literacy has increased the number of Indonesians who use stocks as an investment instrument. This also has an impact on the popularity of Islamic stocks. This is because many people are interested in Islamic investment instruments. However, the COVID-19 pandemic has had a significant impact on stock price movements. Sharia stock prices have also experienced very volatile movements due to the COVID-19 pandemic. This phenomenon raises the question of whether investing in Islamic stocks during the COVID-19 pandemic is against Islamic economic law. This is because Islamic stock prices seem to be filled with uncertainty and have experienced a very significant price decline. Moreover, due to the COVID-19 pandemic, the number of stock investors is increasing rapidly. This article aims to analyze Islamic stock investment during the COVID-19 pandemic through the perspective of Islamic economic law. To analyze this issue, this article collects data through library research. The data were analyzed using qualitative methods. In the end, this article finds that investing in Islamic stocks during the COVID-19 pandemic does not contradict the principles of Islamic economic law. Instead, this article suggests that the public can take advantage of a certain momentum to start investing in Islamic stocks.

Pengaruh Return On Asset, Return On Equity, dan Price Earning To Ratio Terhadap Harga Saham Syariah Berasarkan Closing Price Pada Perusahaan yang Terdaftar di Jakarta Islamic Index Periode Tahun 2020-2022

Investing in the capital market, investors need accurate information, so they are not trapped in adverse conditions. One of the information that can be used by investors in assessing a company is financial statements. For investors, financial statements are useful for determining the best and profitable investment decisions. Based on the analysis of financial statements, investors can find out the comparison of the intrinsic value of the company's shares compared to the market price of the company's shares. To measure stock prices, it can be known from the influence of financial ratios on stock prices. Financial ratios are designed to show the relationship between financial statement estimates. This study aims to determine the effect of Return On Asset, Return On Equity ((ROE), and Price Earning to Ratio on Sharia Stock Prices based on Closing Prices in Companies listed on the Jakarta Islamic Index (JII) for the 2020-2022 period. The research method is quantitative research, technical data analysis using descriptive statistics. The source of research data is secondary data in the form of financial statements and stock prices from companies listed on the Jakarta Islamic Index (JII) for the 2020-2022 period using purposive sampling techniques. Secondary data processing using SPSS analysis technique version 23. Hypothesis testing in this study used multiple linear regression tests. Based on the results of the study shows that Return On Asset partially does not affect Islamic stock prices, Return On Equity partially has a positive and significant effect on Islamic stock prices, and Price Earning to Ratio partially does not affect Islamic stock prices. Return On Asset, Return On Equity, Price Earning to Ratio simultaneously have a positive and significant effect on Islamic stock prices in companies listed on the Jakarta Islamic Index (JII) for the 2020-2022 period.

THE INFLUENCE OF FUNDAMENTAL FACTORS ON STOCK PRICES IN THE JII 70 INDEX

Muhammad Arief Fathurrahman. The Effect of Fundamental Factors on JII Sharia Stock Prices 70. Supervised by Ms. Musviyanti. This research was conducted to determine the effect of fundamental factors on Islamic stock prices in the JII 70 index. The proxies used are Return On Assets, Debt to Equity Ratio, Total Asset Turnover, Earning Per Share. The population in this study are companies listed as members of the JII 70 index on the Indonesia Stock Exchange during the 2018-2020 period. The sample selection in this study used purposive sampling, there were 38 companies that became the research sample. This study uses secondary data in the form of financial statements, annual reports, and stock data obtained from related companies and the Indonesian Stock Exchange. This study uses multiple regression analysis with the SPSS analysis tool version 25. The results of this study indicate that partially Return On Assets and Total Asset Turnover have a positive and significant effect on stock prices, while the Debt to Equity Ratio has a negative and significant effect on stock prices, Earnings Per Share has no effect on stock prices.

Sharia Stocks in Times of Crisis: A Study on the Influence of Macroeconomic Factors during the Covid-19 Pandemic

Indonesia offers various sharia-compliant stock options, with the Indonesian Sharia Stock Index (ISSI) being one such alternative. While ISSI instills confidence in investors by aligning with sharia principles, it does not automatically shield itself from macroeconomic challenges. Therefore, it remains crucial to consider macroeconomic factors when investing in Islamic stocks, especially amid the uncertainties of the Covid-19 pandemic. This study aims to explore the impact of macroeconomic factors on Islamic stock prices during the pandemic, employing a quantitative approach with secondary data. The variables encompass ISSI price (dependent), along with inflation, interest rates, and exchange rates (independent). The research involves descriptive statistics and Structural Equation Modeling (SEM) for inferential analysis, facilitated by the WarpPLS application. The findings reveal that, amid the Covid-19 pandemic, only the interest rates variable significantly and negatively influences ISSI.

PERAMALAN INDEKS JAKARTA ISLAMIC INDEX (JII) DENGAN PENDEKATAN REGRESI PARAMETRIK LINIER SEDERHANA DAN REGRESI NONPARAMETRIK KERNEL DILENGKAPI GUI R-SHINY

Investment in Islamic stocks in Indonesia has increased from 2019 to 2021. One of the references for investors in monitoring Islamic stock price movements is the Jakarta Islamic Index_(JII). The_purpose_of_this_research_is_to model the index (JII) using nonparametric kernel regression. The kernel_functions_used_in nonparametric regression are Gaussian, Uniform, Triangle, and Epanechnikov._The research data-is-divided-into-In-Sample-data-for the period January-2010-to-December 2020 and-Out-Sample-data.for the_period_January_2021_to_December_2021. The_best_model_is selected based_on_the smallest MSE-value-obtained by the Triangle kernel regression with an optimum bandwidth (h) of 48, 2. The R2 value is 0.897. Based on the criteria for the R2 value, it-can-be-stated that_the_best model_is_a strong model_with a proportion of_the influence-of-the-previous index-on-the.current index value of-89.7%, and-there-maining_10.3%_is_influenced_by_other_factors.-The best model forecasting ability can be seen from the MAPE data out sample value of 3.04%, which is less than 10%, meaning that the performance of the kernel model in predicting the JII index is very good. This research uses R software which is equipped with R-Shiny GUI to help with data processing.

Analyzing the Dynamics of Islamic Stock Market Indices in Several Muslim Countries

Purpose: Analyzing stock price is very necessary to identify the overall price of the stock index, which the market players have various options and references to invest their money in the profitable securities portfolio. Based on the reason, the aim of this study is to examine the Islamic stock price movement in several Muslim countries joined in the Islamic Conference Organization (IOC). Theoretical Framework: This study refers to the theoretical framework that the integrated capital market can help everyone in analyzing the quality and quantity of the Islamic stock price movement, including its challenges and opportunity in the context of investment risk management. Design/Methodology/Approach: This research uses a descriptive-analytical method and comparative approach to examine the tends of Islamic stock price movement in six Muslim countries from the period January 2010 to December 2019, namely JII-Indonesia, DJIMY-Malaysia, DJTR-Turkey, DJIMKW-Kuwait, TDWL-Saudi Arabia, and QEAR-Qatar, which are analyzed quantitatively, statistically, and deductively. Findings: The results of the research show that the co-integrated of Islamic Stock Index are JII-Indonesia with DJIMY-Malaysia, JII-Indonesia and DJIMKW-Kuwait, DJIMY-Malaysia with DJIMKW-Kuwait, DJTR-Turkey with DJIMKW-Kuwait, QEAR-Qatar with DJIMKW-Kuwait. The Islamic stock index pairs confirmed through the VAR and VECM tests are only DJIMY-Malaysia with QEAR-Qatar, DJIMY-Malaysia with DJIMKW-Kuwait, and TDWL-Saudi Arabia with QEAR-Qatar. Research, Practical & Social Implications: This study becomes one example of the practical analysis of Islamic Stock Market movements that can be used to the stock market players in taking the consideration and decision for the investment in capital market. Originality/Value: This result of this study is originally limited in the Islamic stock index in six Muslim countries such as Indonesia, Malaysia, Turkey, Saudi Arabia, Qatar, and Kuwait. However, this can be explored more comprehensively in the same or various research objective by the other researchers.

Unmasking the Effect of News Media on Islamic Stock Market: Are ASEAN-3 Countries Vulnerable to Covid-19 News?

This study provides a novel viewpoint by clarifying the effect of the COVID-19 news on the fluctuations of the Islamic capital market in the ASEAN Region. It aims to explore the effect of news related to the COVID-19 pandemic on the movement of the Islamic stock index in ASEAN-3 countries (Indonesia, Malaysia, Thailand). This research examined five news-related indices: panic emotion index, media hype index, sentiment index, fake news index, and contagion index. The research employed long-term daily secondary data covering one year during the COVID-19 pandemic to test the hypothesis. A total of 1086 data were analyzed using the panel regression method through EViews 9. The findings indicated that news media and the resulting sentiment have the potential to negatively affect the Islamic stock index movement through the panic and media hype index. The excitement and panic caused by the online news media negatively affected the movement of Islamic stock prices in the three ASEAN Islamic stock indexes, whereas fake news and contagion index were found to have no significant effect on the stock index movement.

Analisis Faktor-Faktor Yang Mempengaruhi Harga Saham Syariah Pada Perusahaan Infrastruktur Di Indonesia Tahun 2019-2021

Knowledge about choosing the right sharia stock is knowledge that must be owned by every investor. This aims to be able to get benefits and also be able to minimize risks. Knowledge of economic conditions and financial performance in a particular company's shares is one of the benchmarks for determining investment decisions. This study aims to determine the partial effect of the exchange rate, gross domestic product (GDP), return on assets (ROA), return on equity (ROE) and debt to equity ratio (DER) on Islamic stock prices in infrastructure companies in Indonesia in the 2019- 2020. The population in this study are 35 infrastructure companies listed on the Indonesia Stock Exchange (IDX). The sampling technique was carried out by purposive sampling technique and obtained 21 companies as research samples. The observation period is 12 quarters, namely in 2019-2021. So the unit of analysis obtained is 252 after the outliers become 215. The research variable consists of the dependent variable, namely the stock price (Y), the independent variable is the exchange rate (X1), gross domestic product (GDP) ) (X2), return on assets (ROA)(X3), return on equity (ROE)(X4), debt to equity ratio(DER)(X5). Based on the results of multiple linear regression analysis, it can be seen that the exchange rate, GDP, ROA, ROE and DER simultaneously have no effect on Islamic stock prices in infrastructure companies for the 2019-2021 period. Partially, the exchange rate variables, GDP and DER have a positive effect on Islamic stock prices in infrastructure companies for the 2019-2021 period, while the ROA and ROE variables have a negative effect on Islamic stock prices in infrastructure companies for the 2019-2021 period.

FUNDAMENTAL FACTORS OF INDONESIAN SHARIA SHARE PRICE IN THE FINANCIAL SECTOR

Islamic stocks are securities in the form of shares that have and do not conflict with Islamic principles in the capital market. Investment in Islamic stocks is currently experiencing quite significant developments, so investors are looking at it from the side of the growth of their stock prices. One of the factors that affect stock prices is fundamental factors. The fundamental factors in this study are described as independent variables, namely the Debt-to-Equity Ratio (DER), Net Profit Margin (NPM), and Earning Per share (EPS), while the dependent variable is the Indonesian Sharia Stock Price in the Financial Sector which is listed in the Indonesian Sharia Stock Index (ISSI). This study aims to analyze the effect of DER, NPM, and EPS on Indonesian Sharia Stock Prices in the financial sector listed in the ISSI Index. The research method used is quantitative descriptive with multiple linear regression data analysis. The results of this study show that the Debt-to-Equity Ratio has a negative and insignificant effect on Sharia Stock Prices. Net Profit Margin has a positive but not significant to Islamic Stock Prices. Earning Per-share has a negative and not significant to Islamic Stock Prices. The ability of the DER, NPM, and EPS variables to explain variations in changes in the stock price variable is only 10.5%, whereas the remaining 80.5% can be influenced by other variables not examined. The implication of this study is that investors in investing do not only consider fundamental factors but other factors that are very significant to fluctuations in Islamic stock prices.

Does Foreign Interest Rate Determine Islamic Stock Prices?

Does Foreign Interest Rate Determine Islamic Stock Prices?

Shariah review of Brownian motion of Islamic stock market elements: establishing the benchmarks of Islamic econophysics

PurposeThe purpose of this paper is to perform Shariah review of Brownian motion that is used for prediction of Islamic stock prices and their volatility.Design/methodology/approachIt uses the Shariah compliant development model guidelines to review the Brownian motion and its applications.FindingsThe model of Brownian motion does not involve any variable that renders it non-Shariah compliant; neither all applications of Brownian motion are Shariah compliant. Because the model is based on stochastic properties that involve randomness, therefore the issue of gharar takes the utmost important to handle in the applications of the model. The results need to be analyzed strictly in accordance with the Shariah whether they create any element of gharar or uncertainty in case of expected price and volatility estimates.Research limitations/implicationsThe research suffers from the limitation that it analyses only one model of physics, i.e. Brownian motion model from Shariah perspective.Practical implicationsThe research opens an area for Shariah analysis of results generated from the application of advanced models of physics on matters related to Islamic financial markets.Originality/valueThe originality of this study stems from the fact that to the best of the authors’ knowledge, it is the first study that extends Shariah guidelines into Financial physics for making the foundations of Islamic econophysics.

Examining Structural Stability and Time-Varying Causality between Economic Policy Uncertainty and Asia-Pacific Islamic Stock Price

Examining Structural Stability and Time-Varying Causality between Economic Policy Uncertainty and Asia-Pacific Islamic Stock Price

Pengaruh Indikator Makroekonomi dan Karakteristik Perusahaan Terhadap Harga Saham Syariah Sektor Industri Barang Konsumsi

This study aims to determine the effect of macroeconomic factors which include inflation, interest rates, rupiah exchange rates, and company characteristics consisting of ROE, CR and company size on sharia share prices in the consumer goods industry sector on the Indonesian Sharia Stock Index (ISSI) for the period 2014-2014. 2020. The research method used is descriptive quantitative method using multiple linear regression analysis techniques. This study uses secondary data from the official website of the Indonesia Stock Exchange (IDX), the Central Statistics Agency (BPS), the Financial Services Authority (OJK), Bank Indonesia (BI). The number of samples used as many as 25 companies that meet the research criteria by using purposive sampling technique. Hypothesis testing is done by using a path diagram. The results of this study indicate that macroeconomic factors consisting of inflation, interest rates, and the rupiah exchange rate partially have no effect on stock prices. Company characteristic factors consisting of firm size, and CR have a positive influence on stock prices, while ROE has a negative effect on Islamic stock prices.

An Enhanced Adaptative System based on Machine Learning for Predicting the Evolution of Islamic Stock Prices

This paper suggests an enhanced machine-learning-based system to guide future stock price decisions. In reality, most existing machine learning systems, such as SEA (Stream Ensemble Algorithm), VFDT (Very Fast Decision Tree ), and online bagging and boosting, keep models updated with only new data and reduce training timeframes to allow working rapidly with the most recent model. However, limited learning times and the exclusion of essential information from previous data may result in a bad performance. When it comes to learning models, our system takes a different approach. It builds several models based on random selections of historical data from the main stock as well as related stocks. The best models are then combined to generate a final, performant model. We performed an empirical study on five Islamic stock market indices. We can say from the results that our system outperforms the existing published algorithms. This framework can contribute then to having an enhanced system that will enable different stakeholders to make rapid decisions based on the forecasted trend of indices.

PENGARUH NILAI TUKAR, JUMLAH UANG BEREDAR, SUKU BUNGA TERHADAP INDEKS HARGA SAHAM SYARIAH SELAMA COVID-19

The capital market has an important role in the economy in a country where the capital market also functions as funding for a company or business which is a means for the public to invest. This study aims to determine the effect of the exchange rate, money supply, interest rate on the Islamic stock price index during covid-19. The type of data used in this research is secondary data in the form of time series over a period of three years and eight months and sourced from Bank Indonesia, the Central Statistics Agency, and the Financial Services Authority which is take in monthly form. The analytical method used in this study uses multiple linier regression analysis. The results of this study are the exchange rate has a significant negative effect on the sharia stock price index, the money supply has a positive effect on the sharia stock price index, and interest rates have a positive effect on the sharia stock index.

Empirical Evidence from the Indonesia Stock Exchange: The Influence of Debt to Equity Ratio (DER) and Return on Equity (ROE) on Sharia Stock Prices

This paper aims to obtain empirical evidence about the influence of the Debt to Equity Ratio (DER) and Return on Equity (ROE) on Islamic stock prices, either partially or simultaneously. An exploratory investigation of 26 companies classified as sharia with the criteria of the Jakarta Islamic Index on the Indonesia Stock Exchange. The secondary data analysis used is to collect complete financial data for the 2014-2018 period. The secondary data was successfully examined as many as 130, then processed using SPSS 26, then analyzed using regression. The findings of the investigation provide empirical evidence that the Debt to Equity Ratio (DER) and Return on Equity (ROE) have a positive and significant influence on Islamic stock prices, either partially or simultaneously. This study provides a theoretical contribution to limited research exploring the Debt to Equity Ratio (DER) and Return on Equity (ROE) with Islamic stock prices on the stock exchange in Indonesia. In practice, this research provides significant insights that can be used to measure the company's health and assess the company's ability to generate returns from shareholder investments of companies classified as sharia.

PENGARUH STRUKTUR MODAL, UKURAN PERUSAHAAN DAN PROFITABILITAS TERHADAP HARGA SAHAM SYARIAH YANG TERDAFTAR DI JAKARTA ISLAMIC INDEX PERIODE 2015-2019

This study aims to examine and analyze the effect of capital structure, firm size and profitability partially and simultaneously on Islamic stock prices. The object of research is a company listed on the Jakarta Islamic Index (JII) for the 2015-2019 period. The research method uses quantitative methods with causal research design (causality). The research sample was 12 companies for 4 years of research so that the number of observations in this study was 48 observations. The analysis technique in this study uses the IBM SPSS For Windows program with multiple linear regression models. The results showed that capital structure had an insignificant negative effect on Islamic stock prices, firm size had a positive and significant effect on Islamic stock prices, and profitability had a positive and significant effect on Islamic stock prices, and together with capital structure, firm size, and profitability. significant effect on Islamic stock prices.