The Determinant of Mining Sector Stock Price Index at Indonesia Stock Exchange

Abstract

This research has purposed to analyze these determinants from mining sector stock index at Indonesia StockExchange. This research used the Vector Error Correction Model and monthly data on mining sector stock index as dependent variable and the independent variables were inflation, BI interest rate, Gross Domestic Product, exchange rate, demand and supply of coal, coal prices and world crude oil prices from January 2014 to August 2019. These empirical results shows that shocks variable on inflation, coal supply & demand, coal prices and crude oil prices will be responded positively by mining sector stock index in the long term while shocks variable on GDP, BI interest rates and exchange rates will be responded negatively by mining sector stock index in long-term. It means all variables are determinant of mining sector stock price index at IDX. Coal demand variable would contribute dominantly to the fluctuation of mining sector stock index. The increased in coal demand will be followed by increased in mining sector stock index.

Analisa Harga Komoditas Dunia pada Indeks Harga Saham Sektor Pertambangan di Indonesia

“…Pergerakan Indek Harga Saham Sektor Pertambangan Saham-saham perusahaan sub sektor pertambangan cenderung fluktuatif (Kaluge, 2019;Lento, Latif, & Verahastuti, 2019;Malla & Asianto, 2020). Anjloknya harga komoditas pertambangan ditambah aturan hilirisasi yang memberatkan dunia usaha menjadi faktor yang membuat kinerja harga saham sektor pertambangan masih mengalami keterpurukan (Malla & Asianto, 2020). Namun dengan masuknya investor asing pada saham pertambangan turut mendorong minat investor lokal untuk turut membeli saham-saham tersebut yang akan menyebabkan kenaikan pada harga saham pertambangan (Komalasari, 2019).…”