Analysis of Market Reactions Before and After the Announcement of the IDR 200 Trillion Fund Injection into HIMBARA Shares

Kintara Balqis Rapasya (Universitas Jenderal Achmad Yani)
Desmiza (Universitas Jenderal Achmad Yani)

Al-Kharaj: Journal of Islamic Economic and Business
Vol. 8 No. 3 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi

Finance Minister Purbaya Yudhi Sadewa announced a new policy on September 12, 2025, to channel funds to five state-owned banks: Bank Mandiri, BRI, BNI, BTN, and BSI. This injection of fund into teh association of state-owned banks was a significant event that triggered a capital market reaction. This study aims to analyze market reactions to the announcement of the injection of fund by the new finance minister by examing differences in Abnormal Return, Trading Volume Activity, Trading Frequency Activity before and after the event. This study used five samples, representing the entire relatively small population, known as a saturated sample. The observation period was 10 days, 5 days before and 5 days after the event. Testing was conducted using one sample t-test to examine Abnormal Return around the event and a paired sample t-test to determine differences in Abnormal Return, Trading Volume Activity and Trading Frequency Activity before and after the event. The result showed Abnormal Return around the event, but no differences in Abnormal Return, Trading Volume Activity and Trading Frequency Activity before and after the event.