The Effect of Consumer Price Index, Exchange Rate, Interest Rate, and Commodity Price on Indonesiaâ€™s Nickel Stock Prices

Eka Puspitawati; Fakhrur Rozi

Penulis

Eka Puspitawati Universitas Pertamina
Fakhrur Rozi Pertamina University

Abstrak

The high level of public enthusiasm for electric vehicles certainly has an impact on many sectors, including the nickel industry. Nickel is an important component for the electric vehicle battery manufacturing industry in Indonesia. The high demand for nickel is currently a good moment for nickel related companies to obtain investors. However, the investors have to consider not only on the companiesâ€™ performance but also macroeconomic stabilization in order to invest in the long terms. This study aims to analyse the factors that influence the share price of nickel companies listed on the Indonesia Stock Exchange (IDX). External factors of macroeconomy variables, such as the Consumer Price Index (CPI), exchange rates, interest rates, and nickel commodity prices, are expected to influence the share prices of nickel companies. The samples used in this study are 3 nickel companies listed on the IDX. This study uses secondary data collected from q12006 to q32022, and the VECM analysis method. The results show that in the short term, CPI has a significant effect on the nickel stock prices, whereas in the long term, CPI and nickel commodity prices have significant effects on the stock prices.

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