Analysis of the Impact of Global Stock Indexes, Macroeconomics, and Covid-19 Pandemic on JHSG Index Changes

Ridwan Maronrong, Norhayah Zulkifli, Salina Rusli


Global indices influence the movement of several indices in other countries. The market capitalization of global indices has a fluctuating effect on the ups and downs of indexes in other countries. The phenomenon of the study is that Indonesia has a profitable capital market with a gap in index growth during the pandemic, which is slower than the world index. The novelty of this study is that the Indonesian pandemic and the world index influence the Indonesian index was conducted through secondary data by tracing references from books, journals, and electronic media. This study analyzes the relationships of the American Dow Jones index, the Hang Seng index, and the Japanese Nikkei index and the Jakarta Composite Index. The research approach is carried out quantitatively. The methodology used is multiple linear regression, with classical assumption tests, including heteroscedasticity, multicollinearity, and normality. The analysis is carried out by partial, simultaneous quantification and the magnitude of the variables studied. This study gives implications to the investors to choose the right strategy and approaches. Novelty in this study is combining the movement of the world index with macrofactors that can be seen in the SBI and the IHSG rupiah exchange rate.


Keywords: capital market, Covid-19, Dow Jones, Hang Seng, Nikkei, Jakarta Composite Index.



Full Text:



ABD MAJID, M.S., & KASSIM, S.H. (2009). Impact of the 2007 US financial crisis on the emerging equity markets. International Journal of Emerging Markets, 4(4), 341-357.

ACHSANI, N.A. (2000). Mencermati Kejatuhan Indeks Dow Jones: Akankah Indeks BEJ Ikut Terseret. Potsdam: University of Potsdam.

ARGAMAYA, A., & SAM, N.A. (2016). Analisis Pengaruh Tingkat Inflasi, Nilai Kurs Dollar (USD/IDR), Indeks Nikkei 225, dan Indeks Hang Seng Terhadap Indeks Harga Saham Gabungan Periode 2009-2014. Media Riset Akuntansi, 6(1), 22-42. Retrieved from

BERNANKE, B.S., & KUTTNER, K.N. (2003). What Explains the Stock Market’s Reaction to Federal Reserve Policy? Retrieved from

BUCHDADI, A.D., ARAFAT, M.Y., & UTAMININGTYAS, T.H. (2010). The Comparison of Value at Risk on Sharia Based Stock and Non-Sharia Based Stock: Case Study on Indonesia Capital Market during 2005-2008.

CENK GOKCE, A.D.A.S., & TUSSUPOVA, B. (2016). Impact of the Global Financial Crises on the Major Asian Countries and USA Stock Markets and Inter-Linkages among Them. Proceedings of the 5th Economics & Finance Conference, Miami, Florida.

DANARSARI, D.N., & VIVERITA, V. (2022). Bank Regulation and Stability: Lesson Learned from the Indonesian Banking Sector. Journal of Southwest Jiaotong University, 57(6), 114-130.

DEWI, K.C., & MASITHOH, R. (2020). JKSE and Trading Activities Before After Covid-19 Outbreak. Research Journal of Accounting and Business Management, 4(1), 1–6.

ELFISWANDI, E., SUNARYO, S., & RAMADHAN, M.F. (2021). The Effect of Dow Jones Industrial Average, Nikkei 225 Index and Shanghai Composite Index on IDX Composite Index. UPI YPTK Journal of Business and Economics, 6(3), 91–97.

ELTON, E.J., & GRUBER, M.J. (1995). Modern Portfolio Theory and Investment Analysis. 5th ed. New York: John Wiley & Sons.

GHAZALI, I. (2013). Application of Multivariate Analysis with SPSS Program. 7th ed. Semarang: Diponegoro University Publisher Agency.

GUMILANG, R.C., HIDAYAT, R.R., & NP, M.G.W.E. (2014). Pengaruh variabel makro ekonomi, harga emas dan harga minyak dunia terhadap indeks harga saham gabungan (Studi pada Bursa Efek Indonesia periode 2009–2013). Jurnal Administrasi Bisnis, 14(2). Retrieved from

GĘBKA, B., & SERWA, D. (2007). Intra- and inter-regional spillovers between emerging capital markets around the world. Research in International Business and Finance, 21(2), 203-221.

HARYANTO, T. (2020). Editorial: Covid-19 Pandemic and International Tourism Demand. JDE (Journal of Developing Economies), 5(1), 1–4.

JOESOEF, J.R. (2008). Pasar Uang dan Pasar Valuta Asing. Jakarta: Salemba Empat.

JUNAEDI, D., & SALISTIA, F. (2021). Dampak Pandemi Covid-19 Terhadap Pertumbuhan Ekonomi Negara-Negara Terdampak. Simposium Nasional Keuangan Negara 2020, 11(1), 97–107.

KASSIM, S.H., MAJID, M.S.A., & YUSOF, R.M. (2009). Impact of monetary policy shocks on the conventional and Islamic banks in a dual banking system: Evidence from Malaysia. Journal of Economic Cooperation and Development, 30(1), 41-58. Retrieved from

KOWANDA, D., PASARIBU, R.B.F., & SHAUTI, A.F. (2015). Pengaruh Indeks Bursa Saham Asing dan Makro Ekonomi terhadap Indeks Harga Saham Gabungan di Bursa Efek Indonesia Pada Tahun 2010-2014. Jurnal Manajemen Indonesia, 15(3), 225-234.

KUSTINA, L., & RAKHMAT, A.S. (2020). Global and Regional Stock Market: Case Study Asia, Amerika, Europe, and Indonesia. Prosiding ICoISSE, 1(1), 169-172. Retrieved from

KUSUMAWATI, D.A., & ASANDIMITRA, N. (2017). Impact of Global Index, Gold Price and Macro Economic Variable for Indonesia Composite Index. Research Journal of Finance and Accounting, 8(2), 53–62. Retrieved from

MARJOHAN, M. (2015). Effect of Stock Price Index in Global Stock against Composite Stock Price Index (CSPI) Study on the Indonesia Stock Exchange. IOSR Journal of Economics and Finance, 6(2), Ver. III, 15-23.

MOCHTAR, D.A., & RAHAYU, D.A. (2021). Investors’ Legal Protection against Insider Trading in Capital Market in Indonesia. Journal of Southwest Jiaotong University, 56(4), 346-355.

NURHAYATI, S.P., MARDANI, R.M., & MUSTAPITA, A.F. (2020). Pengaruh Kurs Dollar, Indeks Dow Jones dan Tingkat Suku Bunga Sertifikat Bank Indonesia (SBI) Terhadap Indeks Harga Saham gabungan (IHSG) (Periode 2016-2018). Jurnal Ilmiah Riset Manajemen, 9(5).

NURMASARI, I. (2020). Dampak Covid-19 Terhadap Perubahan Harga Saham dan Volume Transaksi (Studi Kasus Pada PT. Ramayana Lestari Sentosa, Tbk.). Jurnal SEKURITAS (Saham, Ekonomi, Keuangan dan Investasi), 3(3), 230-236.

PETRI, P.A., PLUMMER, M.G., & ZHAI, F. (2011). The Trans-Pacific Partnership and Asia-Pacific Integration: A Quantitative Assessment. Honolulu, Hawaii: East-West Centre. Retrieved from

RAMADITYA, M., MAARIF, M.S., AFFANDI, J., & SUKMAWATI, A. (2022a). How Private University Navigates and Survive: Insights from Indonesia. MIMBAR: Jurnal Sosial dan Pembangunan, 38(1), 122–131.

RAMADITYA, M., MAARIF, M.S., AFFANDI, M.J., & SUKMAWATI, A. (2022b). Private Higher Education Development Strategy in Indonesia in Facing an Era of Change. Jurnal Aplikasi Bisnis dan Manajemen, 8(3), 793-801.

RAMADITYA, M., MAARIF, M.S., AFFANDI, J., & SUKMAWATI, A. (2022c). Reinventing talent management: How to maximize performance in higher education. Frontiers in Education, 7, 929697.

RAMADITYA, M., MAARIF, S., SUKMAWATI, A., & AFFANDI, M.J. (2022d). Fuzzy Analytical Hierarchy Process for Selecting Priority Strategies in Improving Private Higher Education Performance. Qualitative and Quantitative Research Review, 7(1), 1–23.

ROBIYANTO, R. (2018). The dynamic correlation between ASEAN-5 stock markets and world oil prices. Jurnal Keuangan dan Perbankan, 22(2), 198-210.

ROXBURGH, C., LABAYE, E., THOMPSON, F., TACKE, T., & KAUFFMAN, D. (2012). Investing in growth: Europe’s next challenge. McKinsey & Company. Retrieved from

SARI, Y.K. (2012). Pengaruh Tingkat Suku Bunga Sertifikat Bank Indonesia, Indeks Saham Hang Seng, Kurs Dollar As Dan Indeks Saham Dow Jones Industrial Average Terhadap Indeks Harga Saham Gabungan Di Bursa Efek Indonesia Periode 2008-2010. Bachelor’s thesis, Universitas Negeri Yogyakarta. Retrieved from

SIHOMBING, T. (2013). Analisa Pengaruh Indeks Harga Saham Luar Negeri Terhadap Index Harga Saham Gabungan Indonesia: Suatu Bukti Empiris. Jurnal Ekonomis, 7(2), 15-29.

SIHONO, T. (2008). Krisis Finansial Amerika Serikat dan Perekonomian Indonesia. Jurnal Ekonomi dan Pendidikan, 5(2), 171-192.

SUTHEEBANJARD, P., & PREMCHAISWADI, W. (2010). Forecasting the Thailand Stock Market Using Evolution Strategies. Asian Academy of Management Journal of Accounting & Finance, 6(2), 85–114. Retrieved from

SYAMSARI, S., RAMADITYA, M., ANDRIANI, I., & PUSPITASARI, A. (2022). Selecting Priority Policy Strategies for Sustainability of Micro, Small, and Medium Enterprises in Takalar Regency. Sustainability, 14(23), 15791.

WIJAYA, T.S.J., & AGUSTIN, S. (2015). Faktor-Faktor Yang Mempengaruhi Nilai IHSG Yg Terdaftar Di Bursa Efek Indonesia. Jurnal Ilmu dan Riset Manajemen, 4(6), 1-16. Retrieved from

WIKIPEDIA. (2023). Hang Seng Index. Retrieved from

ZABIDI, I.I., & HARYONO, N.A. (2018). Pengaruh Inflasi, Kurs, Suku Bunga Sbi, Dow Jones, Dan Nikkei 225 Terhadap Indeks Harga Saham Gabungan Pada Bursa Efek Indonesia Periode 2012-2016. Jurnal Ilmu Manajemen, 6(4), 468-476. Retrieved from


  • There are currently no refbacks.