Abstract:
The capital market can be an option for choice for the community to make investing.
The Stock Price Index (IHS-Indeks Harga Saham) is a performance indicator that
measures changes in prices of a market to know its performance. Many factors affect
IHS, such as the state of the global economy, oil and gold prices, exchange and
interest rates, inflation, and economic conditions of a country.During the observation
period of 2015-2018, there was an increase and decrease phenomenon in the Stock
Price Index of Mining (IHSP-Indeks Harga Saham Pertambangan) on the Indonesia
Stock Exchange (BEI-Bursa Efek Indonesia), followed by other macroeconomic
conditions. There are gaps in the results of previous studies in assessing this
condition.This study is to analyse the effect of exchange rates, interest rates, inflation
rates and gold prices on IHSP. This research is hoped to be useful as input for other
researchers and information and consideration in investing in mining companies. The
data in this research were monthly data from 2015 to 2018. Samples taken are all
mining companies listed on the Stock Exchange during the study period, namely 49
companies. The data is analysed using multiple linear regression test. The results of
the F test showed that the four independent variables simultaneously have a
significant effect on IHSP.The exchange rate and the gold price had a significant
positive effect on IHSP. The interest rate had a significant negative effect on IHSP,
while inflation had a negative and not significant effect on IHSP.
Keywords: Exchange rates, interest rates, inflation, gold prices, mining stock price
index.
