Pengaruh Nilai Tukar, Suku Bunga, Volume Perdagangan Saham, dan Cadangan Devisa terhadap Indeks Harga Saham Gabungan di Negara-Negara ASEAN+3 (China, Korea Selatan & Jepang)

Agis Nadira (Universitas Sumatera Utara)
M. Syafii (Universitas Sumatera Utara)

Sharing: Journal Of Islamic Economics, Management And Business
Vol. 5 No. 3 (2026): September, 2026

This study aims to examine the influence of exchange rates, interest rates, stock trading volume, and foreign exchange reserves on the composite stock price index in ASEAN+3 countries (China, South Korea, and Japan). This research is associative in nature and utilizes secondary data obtained from reports published by the World Bank, the International Monetary Fund (IMF), and ASEAN Statistics. The study population comprises all nine countries belonging to the ASEAN+3 group. Based on established data availability criteria, seven countries were selected as the research sample. Data were analyzed using multiple linear regression with a panel data approach via the Fixed Effect Model. The results indicate that: (1) the exchange rate has a positive and significant effect on the composite stock price index in ASEAN+3 countries; (2) the interest rate has a negative and significant effect on the composite stock price index in ASEAN+3 countries; (3) stock trading volume has a negative and insignificant effect on the composite stock price index in ASEAN+3 countries; and (4) foreign exchange reserves have a negative and insignificant effect on the composite stock price index in ASEAN+3 countries.