Does Integration Superpower Stock Market for Index of Sharia Stock in Indonesia

This reseach was to examine the integration of stock markets and the dynamic interaction between the long and short term Islamic Indonesian stock market, and the stock market of Indonesia's main trading partners (US, Japan, China and Korea, Hongkong). Investors Ownership Indonesian stock market in 2012 foreign dominated lokal45.46% and 54.54%, but Increased in 2018, 54.89% owned by local investors and foreign investors 45.11%, this research method VECM method to analyze and measure the stock market (The US, Japan, China and Korea, Hongkong) Affecting the Islamic stocks in Indonesia, withMonthly stock index from January 2013 to December 2019, The results of this reseach Showed that the stock market index, the US, Japan, China and Korea, Hong Kong, does not Affect the Indonesian Islamic stock index. To A Certain extent, it was found that regional trade integration is essential to the national stock market, so the Indonesian Islamic stock index is more influenced by Reviews their own regional stock indexes, and the geographical proximity and close relations between countries Contribute more towards integrationexplained that in the long term there are two variables that influence the Indonesian Islamic stock indexes variable Significantly Hong Kong stock index and stock index Korea, and in the short there is only one variable that Chinese stock indexes affecting Significantly Indonesian sharia stock index