The Effect of the Rupiah/USD Exchange Rate and World Gold Prices on the Stock Price of PT Aneka Tambang Tbk (ANTM): Evidence from the Indonesian Sharia Stock Index, 2021–2024

Authors

  • Alfani Mubarak Universitas Al-Amien Prenduan
  • Mujibno Universitas Al-Amien Prenduan

DOI:

https://doi.org/10.30651/jms.v11i4.31893

Abstract

This research is motivated by fluctuations in the Rupiah/USD exchange rate and global gold prices, which can influence the share price movements of PT Aneka Tambang Tbk (ANTM) in the Islamic capital market. Previous research has shown varying results regarding the influence of exchange rates and global gold prices on Islamic stocks, creating a research gap. Furthermore, research specifically addressing ANTM shares in the Indonesian Islamic Stock Index (ISSI) for the 2021–2024 period is still limited. This study aims to determine the effect of the Rupiah/USD exchange rate and global gold prices on ANTM's share price, both partially and simultaneously. The study uses a quantitative approach with an associative approach. The data used are secondary monthly time series data for the 2021–2024 period, totaling 48 samples obtained from Bank Indonesia, Investing.com, and the Indonesia Stock Exchange. Data analysis uses multiple linear regression through the classical assumption test, t-test, F-test, and coefficient of determination (R²). The results show that the Rupiah/USD exchange rate and global gold prices partially have a negative and significant effect on ANTM's share price. Simultaneously, both variables also significantly influenced ANTM's share price, with a significance value of 0.000 < 0.05. The coefficient of determination of 0.767 indicates that the Rupiah/USD exchange rate and the global gold price explain 76.7% of the ANTM share price, with the remainder being influenced by factors outside the study.

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Published

2026-06-11

How to Cite

Mubarak, A., & Mujibno. (2026). The Effect of the Rupiah/USD Exchange Rate and World Gold Prices on the Stock Price of PT Aneka Tambang Tbk (ANTM): Evidence from the Indonesian Sharia Stock Index, 2021–2024. Jurnal Masharif Al-Syariah: Jurnal Ekonomi Dan Perbankan Syariah, 11(3). https://doi.org/10.30651/jms.v11i4.31893

Issue

Vol. 11 No. 3 (2026)

Section

Artikel

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