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All Journal Al-Kharaj: Journal of Islamic Economic and Business Islamiconomic: Jurnal Ekonomi Islam
Dede Sudirja
Universitas Islam Negeri Sultan Maulana Hasanuddin Banten
Religion Economics, Econometrics & Finance Social Sciences

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Technical Analysis of Sharia Stock Prices Using Moving Average and Relative Strength Index: Evidence from the Jakarta Islamic Index Rahmat Ramadhan; Efi Sarifudin; Dede Sudirja
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 2 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i2.10072

Abstract

This study aims to analyze the influence of technical indicators on Sharia stock price movements in the Jakarta Islamic Index (JII). The research employs a quantitative approach using secondary data derived from historical stock prices of companies listed in the Jakarta Islamic Index. The sample consists of 10 Sharia-compliant companies, selected through purposive sampling, with a total of 141 observations during the period January 2024 to May 2025. The independent variables used in this study are the 20-day Moving Average (MA20) and the 14-day Relative Strength Index (RSI14), while stock price is used as the dependent variable. Multiple linear regression analysis is applied to examine the influence of the technical indicators on stock price movements. The results show that the Moving Average variable has a positive and significant effect on stock prices, with a regression coefficient of 1.007, a t-value of 215.090, and a significance level of 0.000. In contrast, the Relative Strength Index does not significantly influence stock prices, as indicated by a t-value of 0.486 and a significance level of 0.633. The simultaneous test indicates that the model is statistically significant with an F-value of 291.623. The coefficient of determination (R² = 0.999) shows that the independent variables explain 99.9% of the variation in Sharia stock prices. These findings suggest that the Moving Average indicator can serve as an effective technical analysis tool for predicting Sharia stock price trends in the Indonesian Islamic capital market.
The Effect of Good Corporate Governance and Firm Characteristics on Firm Value of Sharia and Conventional Banks in Indonesia Soliyah Wulandari; Dede Sudirja; Rezky Mehta Setiadi; Haezah Nur Shabrina
Islamiconomic : Jurnal Ekonomi Islam Vol 16, No 1 (2025)
Publisher : Universitas Islam Negeri Sultan Maulana Hasanuddin Banten

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32678/ijei.v16i1.831

Abstract

This research aims to empirically prove the influence of good corporate governance and company characteristics on firm value. Good corporate governance in question is the board of directors, independent commissioners, audit committee, and institutional ownership, while company characteristics are company size, profitability, and leverage.  The object of this research is Banks Listed on the Indonesian Stock Exchange. The sample period in this research is 2021 and 2022. Sample selection was carried out using the purposive sampling method. The final sample used in this research was 60 observations. The secondary data collected were financial reports from each bank. The data was processed using multiple regression model statistical tests. The results of this research show that company size and profitability influence the firm value of sharia and conventional banks listed on the Indonesia Stock Exchange. Meanwhile, the board of directors, independent commissioners, audit committee, institutional ownership, and leverage have no effect on the firm value of sharia and conventional banks listed on the Indonesia Stock Exchange.
Co-Authors Efi Sarifudin Haezah Nur Shabrina Rahmat Ramadhan Rezky Mehta Setiadi Soliyah Wulandari