The Impact of Macroeconomic Conditions on the Sharia Stock Index: Empirical Study in Asia Pacific Countries

Mister Candera

Mister Candera

Keywords: sharia stock index, macroeconomics, inflation, exchange rate

Abstract

This research aims to analyze the impact of macroeconomic conditions on the sharia stock index carried out on the Sharia Capital Markets in Asia Pacific countries. The sampling technique was carried out using a purposive sampling method for a total of 10 countries. Hypothesis testing uses multiple linear regression. The research results found that inflation had a positive and insignificant effect on the sharia stock index. Meanwhile, the exchange rate has a negative and significant effect on the sharia stock index. Therefore, in this case, to increase the sharia stock index, the country must control the country's exchange rate. Meanwhile, although inflation has a positive influence, changes in the inflation rate, whether decreasing or increasing, are not able to change the sharia stock index.

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