Is There Any Effect of Covid-19 on the Performance of the Sharia Stock Index?

Abstract

The implementation of social distance during the Covid-19 pandemic has an impact on economic activity and stock market indices. Evidently, the increase in confirmed cases has had no discernible effect on economic activity. This article compares the performance and returns of the Islamic stock index before and after the pandemic. Data were gathered from the Jakarta Islamic Index (JII), the Indonesian Sharia Stock Index (ISSI), and the Jakarta Islamic Index 70 (JII70) for the April 2019-March 2020 (pre-Covid-19) and April 2020-June 2021 (post-Covid-19) periods. The Paired Sample-T Test was employed to compare the return values of each Islamic stock index. The results show that these indices performed better in Covid-19 than in previous years. The independent sample test reveals that only the ISSI index demonstrated a statistically significant difference between returns before and during the Covid-19 periods. This study concludes that Covid-19 has implications for increasing the average return and decreasing the risk of all sharia indices studied during the observation period. Analysts predicted that rising prices would boost sharia stock returns, beginning with BRI sharia shares and spreading to other sharia industries such as ANTM, INCO, EMTK, and the banking sector.

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ABSTRAK – Adakah Pengaruh Covid 19 Terhadap Kinerja Indeks Saham Syariah?. Penerapan social distancing selama masa pandemi covid-19 berdampak pada aktivitas ekonomi dan indeks pasar saham. Hanya saja, peningkatan jumlah kasus terkonfirmasi virus corona tidak berpengaruh signifikan terhadap aktivitas ekonomi. Tujuan artikel ini adalah untuk menguji perbedaan kinerja dan return indeks saham syariah pada periode sebelum pandemi dan setelah pandem. Data penelitian merupakan data saham syariah yang dikumpulkan dari Jakarta Islamic Index (JII), Indeks Saham Syariah Indonesia (ISSI) dan Jakarta Islamic Index (JII70) periode April 2019 – Maret 2020 (sebelum Covid-19) dan periode April 2020 – Juni 2021 (saat Covid-19). Data analisis menggunakan Paired Sample-T Test untuk mengkomparasi nilai return masing-masing indeks saham syariah. Hasil penelitian menunjukkan indikasi kinerja indeks saham syariah yang lebih baik selama Covid-19 dibandingkan sebelumnya. Selain itu, perhitungan independent sample test menunjukkan hanya indeks ISSI yang memberikan perbedaan return yang signifikan sebelum dan selama masa Covid-19. Kajian ini menyimpulkan bahwa Covid-19 berimplikasi pada peningkatan rata-rata return untuk semua indeks syariah yang ditelit dan memiliki risiko yang lebih rendah pada periode covid-19. Beberapa analis menyatakan kenaikan harga akan meningkatkan return saham syariah dimulai dari pergerakan saham syariah BRI yang juga didorong oleh industri syariah lainnya seperti ANTM, INCO, EMTK dan industri perbankan.