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Optimal Return Analysis Using the Geometric Mean Method from Daily Data of Technology Sector Stocks: Analisis Return Optimal Menggunakan Metode Geometric Mean Dari Data Harian Saham Sektor Teknologi Siregar, Siti Marenda; Lupikawaty, Marieska; Seto, Agung Anggoro
Jurnal Terapan Ilmu Ekonomi, Manajemen dan Bisnis Vol. 5 No. 2 (2025): Jurnal Terapan Ilmu Ekonomi, Manajemen dan Bisnis Agustus 2025
Publisher : Politeknik Negeri Sriwijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.17420971

Abstract

This study aims to examine the differences in stock returns and identify the most optimal return within the technology sector companies listed in the LQ45 index. The analysis employs two technical indicators, namely the Relative Strength Index (RSI) and the Stochastic Oscillator (SO). The research uses a quantitative approach with a descriptive method. The data consist of daily stock closing prices from April 2024 to March 2025. The sample includes four companies: PT Telkom Indonesia Tbk, PT XL Axiata Tbk, PT Indosat Tbk, and PT Gojek Tokopedia Tbk. Data analysis was conducted through descriptive statistics, normality testing, homogeneity testing, and hypothesis testing using the Kruskal-Wallis method. The results indicate that there is no significant difference in stock returns between the two technical indicators, with a significance value of 0.518, which exceeds the 0.05 threshold—thus, the null hypothesis is accepted. Additionally, based on the Geometric mean calculation, PT Gojek Tokopedia Tbk recorded the highest return on both RSI and SO indicators. These findings suggest that RSI and SO can be used interchangeably in stock return analysis, and PT Gojek Tokopedia Tbk is recommended as the top investment option in the technology sector based on return potential.  
The effect of macroeconomic variables on the performance of islamic and conventional mutual funds in Indonesia Seto, Agung Anggoro
Junal Ilmu Manajemen Vol 7 No 3 (2024): July: Management Science and Field
Publisher : Institute of Computer Science (IOCS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35335/jmas.v7i3.514

Abstract

This study intends to determine the effect of Inflation, interest rates, and Gross Domestic Product (GDP) on the performance of conventional and Islamic mutual funds in Indonesia. This is an example of associative research, which seeks to determine the relationship between macroeconomic indicators, such as Inflation, interest rates, and GDP, and the performance of mutual funds in Indonesia. This study employs quantitative data. The population consisted of all registered Islamic and conventional mutual funds with the OJK. The sample size was 1,920 conventional mutual funds and 272 Islamic mutual funds. The data source is secondary data from the ojk.go.id and bi.go.id websites, including inflation data, interest rates, GDP, and Net Asset Value (NAV) of mutual funds. The research was conducted between 2017 and 2021. Documentation in the form of quarterly inflation statistics, interest rates, GDP, and NAV of Islamic and conventional mutual funds in Indonesia will be employed as data gathering methodologies. The study’s findings indicated that that macroeconomic variables such as Inflation, interest rates, and GDP did not significant effect on the partial and simultaneous performance of Islamic and conventional mutual funds in Indonesia. The absence of effect of macroeconomic indicators could be attributed to several factors, including low Inflation, limited investor information that prevents GDP from affecting performance directly, and interest rates which were not the primary reference for investors when investing in mutual funds.
The impact of PT XL Axiata Tbk’s divestment on the stock zerformance of PT Mora Telematika Tbk on the Indonesia stock exchange Seto, Agung Anggoro
International Journal of Applied Finance and Business Studies Vol. 13 No. 4 (2026): March: Applied Finance and Business Studies
Publisher : Trigin Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35335/ijafibs.v13i4.466

Abstract

This research aims to examine the impact of divestment occurring in the shares of PT. Mora Telematika Tbk on the Indonesia Stock Exchange. This research is categorized as a comparative study, which aims to compare the stock performance of PT Mora Telematika Indonesia Tbk before and after the divestment by PT XL Axiata Tbk. Performance is measured using two key metrics: actual return and trading volume activity. The data used in this study are secondary data, specifically daily closing stock prices (Closed Price) sourced from published financial statements and financial performance summaries of PT Mora Telematika Indonesia Tbk. The observation period covers one month prior to the divestment and one month following the divestment by PT XL Axiata Tbk. The data analysis technique used in this research is comparative analysis, which compares stock performance based on actual return and trading volume activity of PT Mora Telematika Indonesia Tbk before and after the divestment by PT XL Axiata Tbk. The data analysis method utilizes paired sample tests, specifically the Wilcoxon test. Based on the research findings, it is concluded that the divestment had a significant impact on the actual stock returns of PT Mora Telematika Tbk. The actual returns experienced an average decline of 11%, driven by dominant factors such as negative sentiment or rumors surrounding the company’s shares, as well as investor profit-taking. On the other hand, the Trading Volume Activity (TVA) showed no significant change before and after the divestment.