PENGARUH HARGA MINYAK DUNIA TERHADAP KINERJAPASAR MODAL DI INDONESIA: ANALISIS TINGKAT INDUSTRI, 2001-2013

World oil price changes is one of important factor which is influenced the global economic activity. Some of the literature declares there is strong relation between world oil price changes toward stock market in many countries. Refer to the top down methods or three step approach which are consist of stock valuation considered from economic and market condition, followed by industry analysis and company analysis, this research also consist of three parts: First, dynamic relation between stock market behavior and oil price shock in Indonesia (market wide analysis). Second, analyze relation between oil prices influenced to the macroeconomic variable in industry level (industrial-wide analysis). Third, the impact of oil price adjustment policy to the industry (industrial-wide analysis plus policy). Finding on this research are world price oil sentiment more influencing the stock market in Indonesia after Indonesia become net-importer country. In Industrial level, oil price only influenced 4 of 9 sectors there are agriculture (positive), Mining (positive), property industry (positive) and base goods industry (negative). Oil price adjustment policy also influenced toward the stock market in some industries in Indonesi