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All Journal Maliki Islamic Economics Journal
Yusri Rahma Yanti
UIN Maulana Malik Ibrahim Malang
Religion Economics, Econometrics & Finance Social Sciences

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The Holy Months Impact of Islam Toward Stock Price in Jakarta Islamic Index (JII) Yusri Rahma Yanti; Guntur Kusuma Wardana; Rini Safitri
Maliki Islamic Economics Journal Vol 1, No 2 (2021): Maliki Islamic Economics Journal
Publisher : Faculty of Economics UIN Maulana Malik Ibrahim Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (267.222 KB) | DOI: 10.18860/miec.v1i2.13496

Abstract

The purpose of this research is to determine the effect of anomaly calendar towards stock price in haram months (Muharam, Rajab, Zulkaidah, and Zulhijjah) in Jakarta Islamic Index (JII). Population for this research include all stockmarkets under the category of Jakarta Islamic Index (JII) during the period of 1436H–1440H. Samples were chosen using purposive sampling, which include 44 companies. Results showed that there are no difference in JII stock price during holy months of Rajab, Zulkaidah, and Zulhijjah compared to any other period of the same year. This finding means that muslim society in Indonesia did not create an out of ordinary transaction in the market and there will be no significant change during the period of holy months. However, in Muharram, results showed different outcome compared to the other holy months.
Co-Authors Guntur Kusuma Wardana Rini Safitri