Analisis Faktor-Faktor yang Mempengaruhi Indeks Harga Saham di Pusat Informasi Pasar Modal Medan
Dr. Sya'ad Afifuddin, SE, MEc.
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Stock exchange is the 'fresh' long-term source of funds. The existence of this institution is not just as the facilitator of costing resources, but also as the investment instrument that involved the whole potency of social funds, whether in domestic area or abroad. It's not just the local investors who make out of the stock exchange as the investment instrument, but foreign investors as well. In other words, the existence of stock exchange can cover up the need of funds, whether for the private, government and BUMN. Even so, there are only a few industrial society who understand, willing to and ready to make out of the stock exchange as the main source of costing. This situation is getting complicated during with the come up of economic crisis which has been overwhelming Indonesia until this time. Indonesia's economic was unpredictably headed for severe crisis in the middle of 1997. It came to strike the exchange value of Rupiah at first, which was signalized by the depreciation of its value to US Dollar which even ever hit Rp 17.000 per US Dollar. This situation was effecting to the stock exchange as well, because majority of emitter held debts in foreign currency. And, the debts are seldom being given hedging. It's predictable the effect, emitter were headed to the problem of liquidity .This situation led the stock price went down and stock index was hard to be saved. During crisis period, in 1997, the index ever touched its peak at the position of 742 points, sharply slide down to the position of 231 points. During 1998 and 1999, the addition of new emitter was very little. This 'roller-coaster' situation of stock exchange showed that the business activity in stock exchange has a significant connection with macro economic. In this case, cover up to the production aspect, gain, expenses, inflation, sum of money in circulation and balance payment. Stable macro economic situation is the 'driver' for the development of stock exchange in Indonesia.
- SP - Economic Development