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The Movement of Jakarta Composite Index (JCI) During the COVID-19 Pandemic from January 2020 to December 2021

In: Proceedings of the International Conference on Economics and Business Studies (ICOEBS-22-2)

Author

Listed:
  • Andika Wahyu Santoso

    (Universitas Muhammadiyah Surakarta (UMS), Faculty of Economics and Business)

  • Eni Setyowati

    (Universitas Muhammadiyah Surakarta (UMS), Faculty of Economics and Business)

Abstract

The Covid-19 pandemic in 2020 which caused the stock market crash in capital markets around the world and Indonesia became the background for this research. The purpose of this study is to analyze changes in the Jakarta Composite Index during the Covid-19 pandemic whether it is influenced by the variables of Bank Indonesia interest rates, Rupiah exchange rate, Inflation, Dow Jones Index, and world gold prices. This study used an Ordinary Least Square (OLS) based multiple linear regression technique and used Eviews 10 data processing software. The data used in this study was a secondary monthly time series with a total of 24 observations. From the F test, it was found that the variables of Bank Indonesia interest rates, inflation, rupiah exchange rate, dow jones index, and world gold price together influenced the movement of the Jakarta Composite index during the Covid-19 pandemic. Through validity tests, significant variables in influencing the Jakarta Composite Index during the Covid-19 pandemic are the variables of the rupiah exchange rate and the Dow Jones index, while the variables of Bank Indonesia interest rates, Inflation, and world gold prices do not have a significant influence on the volatility of the Jakarta Composite Index during the Covid-19 pandemic.

Suggested Citation

  • Andika Wahyu Santoso & Eni Setyowati, 2024. "The Movement of Jakarta Composite Index (JCI) During the COVID-19 Pandemic from January 2020 to December 2021," Advances in Economics, Business and Management Research, in: Huda Maulana & Muhammad Sholahuddin & Muhammad Anas & Zulfikar Zulfikar (ed.), Proceedings of the International Conference on Economics and Business Studies (ICOEBS-22-2), pages 1009-1020, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-204-0_82
    DOI: 10.2991/978-94-6463-204-0_82
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