KETAHANAN INDEKS HARGA SAHAM GABUNGAN DAN INDEKS SAHAM SYARIAH INDONESIA TINJAUAN SEBELUM DAN KETIKA ERA COVID-19

ABSTRAK Covid-19 menyebabkan guncangan besar pada ekonomi global termasuk serta pasar modal di Indonesia. Salah satu hal lain yang menjadi perhatian pelaku pasar modal adalah Indeks Harga Saham Gabungan (IHSG) sebab pergerakan Harga Saham Gabungan (IHSG) akan mempengaruhi sikap para investor apakah akan membeli, menahan ataukah menjual sahamnya.Penyebaran pandemi Covid-19 di Indonesia membuat laju IHSG sangat fluktuatif serta Covid-19 berdampak kepada penurunan Indeks Harga Saham Gabungan (IHSG) yang akhirnya terjun bebas. Pandemi covid-19 tidak hanya mempengaruhi Indeks Harga Saham Gabungan (IHSG) tetapi juga mempengaruhi pergerakan Indeks Saham Syariah Indonesia (ISSI) dimana Indeks Saham Syariah Indonesia (ISSI) merepresentasikan bagaimana kondisi aktual pasar modal syariah nasional. Penelitian ini bertujuan melihat bagaimana perbedaan pergerakan Indeks Harga Saham Gabungan (IHSG) sebelum covid-19 dan ketika covid-19 dan bagaimana perbedaan pergerakan Indeks Saham Syariah Indonesia (ISSI) sebelum covid-19 dan ketika covid-19. Penelitian ini menggunakan penelitian kuantitatif dengan sifat komparatif. Sumber data yang digunakan adalah data sekunder yang di publikasikan oleh Bursa Efek Indonesia. Alat statistik yang di gunakan yaitu berupa SPSS (Statistical Package for the Social Sciences) Versi 21. Penelitian ini menemukan bahwa pada Indeks Harga Saham Gabungan (IHSG) terdapat perbedaan yang signifikan sebelum dan ketika era pandemi covid-19. Hal ini menunjukan bahwa Indeks Harga Saham Gabungan (IHSG) pada era covid-19 tidak memiliki ketahanan yang cukup kuat dan tidak cukup baik yang mengakibatkan guncangan. Dengan memperhatikan pergerakan Indeks Harga Saham Gabungan (IHSG) sebelum dan ketika era pandemic covid-19, transaksi saham secara umum dan saham unggulan tidak dapat lagi meningkatkan harganya dan cenderung menurunkan harga saham tersebut sehingga para investor cenderung melepas saham. Kemudian pada Indeks Saham Syariah Indonesia (ISSI) tidak terdapat perbedaan yang signifikan sebelum dan ketika era pandemi covid-19. Hal ini menunjukan bahwa meskipun lonjakan penyebaran virus Covid-19, namun pasar saham syariah di Indonesia memiliki ketahanan yang kuat serta memiliki tingkat stabil yang baik terhadap dampak covid�19. Saham syariah mempunyai indeks yang relatif stabil dan sangat cocok untuk investor saham pada masa covid-19. Kata Kunci : Covid-19, Indeks Harga Saham Gabungan (IHSG) dan Indeks Saham Syari’ah Indonesia (ISSI) ABSTRACT Covid-19 caused a major shock to the global economy, including the capital market in Indonesia. One other thing that is of concern to capital market players is the Indonesia Composite Index (ICI) because the movement of the the Indonesia Composite Index (ICI) will affect the attitude of investors whether to buy, hold or sell their shares. The the Indonesia Composite Index (ICI) was very volatile and Covid-19 had an impact on the decline in the the Indonesia Composite Index (ICI), which eventually fell into free fall. The Covid-19 pandemic has not only affected the the Indonesia Composite Index (ICI) but also affected the movement of the Indonesian Sharia Stock Index (ISSI) where the Indonesian Sharia Stock Index (ISSI) represents the actual condition of the national Islamic capital market. This study aims to see how the differences in the movement of the the Indonesia Composite Index (ICI) before covid-19 and during covid-19 and how the differences in the movement of the Indonesian Sharia Stock Index (ISSI) before covid�19 and during covid-19. This study uses quantitative research with a comparative nature. The data source used is secondary data published by the Indonesia Stock Exchange (IDX). The statistical tool used is SPSS (Statistical Package for the Social Sciences) Version 21. This study found that in the the Indonesia Composite Index (ICI) there were significant differences before and during the Covid�19 pandemic era. This shows that the the Indonesia Composite Index (ICI) in the covid-19 era did not have strong enough resilience and was not good enough in the covid-19 era which would cause shocks. By paying attention to the movement of the the Indonesia Composite Index (ICI) before and during the era of the covid-19 pandemic, transactions in general and leading stocks can no longer increase prices and tend to lower the stock prices so that investors tend to lower stocks. Then in the Indonesian Sharia Stock Index (ISSI) there are no significant differences before and during the Covid-19 pandemic era. This shows that the spread of the Covid-19 virus, but the Islamic market in Indonesia has strong resilience and has a good stable level against the impact of Covid-19. Islamic stocks have a relatively stable index and are very suitable for stock investors during the Covid-19 period. Keywords: Covid-19, Indonesia Composite Index (ICI) and Indonesian Sharia Stock Index (ISSI