<![CDATA[ABSTRACT The Covid-19 pandemic has changed economic conditions in various countries, including Indonesia. One of the sectors affected is the capital market sector which can also describe the economic condition of a country through the stock index. This article aimed to analyze the impact of Covid-19 and the macroeconomics on the Islamic stock index in Indonesia (ISSI and JII). Macroeconomic variables are included in the model as an update. This study used a quantitative method using the VECM model. Research variable data were obtained from investing websites (ISSI and JII), Indonesian covid-19 task force websites (Covid-19 Cases), Statistics Indonesia (BPS),and BI (BI Rate, Inflation, Exchange rates, etc.) from March 2020 to December 2022. Based on the research results, covid-19 and the macroeconomics have no effect on the sharia stock index in Indonesia, except for the BI Rate. This is due to the fairly tight fundamental selection of constituent issuers of the Islamic stock index, the speed and accuracy of Covid-19 control and the massive education. This result has implications for the selection of investors in stocks that are included in the Islamic stock index in Indonesia, because it is proven that ISSI and JII are quite immune to the Covid-19 pandemic. Keywords: Islamic Stock, ISSI, JII, Covid-19 Pandemic, Macroeconomic. ABSTRAK Pandemi covid-19 telah merubah kondisi perekonomian di berbagai Negara, termasuk Indonesia. Salah satu sektor yang terdampak adalah sektor pasar modal yang juga dapat menggambarkan kondisi perekonomian suatu Negara melalu indeks saham. Artikel ini bertujuan untuk menganalisis dampak covid-19 dan makro ekonomi terhadap indeks saham syariah di Indonesia (ISSI dan JII). Variabel ekonomi makro yang dimasukkan ke dalam model sebagai pembaharuan, karena indeks saham dapat mencerminkan kondisi ekonomi suatu Negara. Penelitian ini menggunakan metode kuantitatif dengan menggunakan model VECM. Data variabel penelitian diperoleh dari website investing (ISSI dan JII), website satgas covid-19 Indonesia (Total Kasus Covid-19), BPS (BI Rate, Inflasi) dan BI (Kurs, Cadangan Devisa, Jumlah Uang yang Beredar) dari bulan Maret 2020 sampai dengan Desember 2022. Hasilnya pandemi covid-19 dan makro economi tidak berpengaruh terhadap indeks saham syariah di Indonesia, kecuali BI Rate. Hal tersebut dikarenakan cukup ketatnya seleksi fundamental emiten konstituen indeks saham syariah, kecepatan dan ketepatan pengendalian covid-19 serta edukasi pasar modal syariah yang masif. Hasil ini berimplikasi pada pemilihan investor pada saham-saham yang masuk ke dalam indeks saham syariah di Indonesia, karena terbukti bahwa ISSI dan JII cukup kebal dengan adanya pandemi covid-19. Kata Kunci: Saham Syariah, ISSI, JII, Pandemi Covid-19, Makro Ekonomi]]>
