The Effect of Exchange Rates, Interest Rates and Inflation Against the Composite Stock Price Index in Indonesia Stock Exchange

Abstrak

Capital markets have an important role in the economy within a country. Measure the performance of stocks traded on the exchange used an index, namely Jakarta Composite Index (JCI). With JCI investors can estimate the rate of economic growth in a country and the development of investments in a country. There are several macroeconomic variables that can affect the movement of JCI. In this research, the macro factors used are exchange rate, interest rate and inflation. The data taken is the closing price data for each independent and dependent variable. The sampling method used in this research is saturated samples. The data used is secondary data with data collection method documentation. The analysis tool used is multiple linear regression. The study period taken is from 2011 to 2015. The results showed that the exchange rate and interest rates have a positive and significant effect on the Composite Stock Price Index and inflation have a negative and significant impact on the Jakarta Composite Index.