Investigation of Macro Factors Affecting The Indonesia Composite Index in The COVID-19 Pandemic

Abstract

The capital market has an important role in the economy of a country. The Indonesia Composite Index (JCI) is a reflection of the capital market. Several factors that influence the movement of the JCI are the BI rate, rupiah exchange rate, inflation, world oil prices, and world gold prices. The results of the t-test showed that the BI Rate, Inflation, and World Gold Price partially had no significant effect on the JCI, while the Exchange Rate and World Oil Price partially had an effect on the JCI. The results of the simultaneous test show that the BI Rate, Exchange Rate, Inflation, World Oil Prices, and World Gold Prices have an effect on the JCI.