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The capital market has an important role in the economy of a country. The Indonesia Composite Index (JCI) is a reflection of the capital market. Several factors that influence the movement of the JCI are the BI rate, rupiah exchange rate, inflation, world oil prices, and world gold prices. The results of the t-test showed that the BI Rate, Inflation, and World Gold Price partially had no significant effect on the JCI, while the Exchange Rate and World Oil Price partially had an effect on the JCI. The results of the simultaneous test show that the BI Rate, Exchange Rate, Inflation, World Oil Prices, and World Gold Prices have an effect on the JCI.

The research concludes that the BI Rate, Inflation, and World Gold Price do not have a significant effect on the JCI, while the Exchange Rate and World Oil Price do.Simultaneously, all examined macroeconomic factors influence the JCI.These findings suggest that investors should pay attention to the exchange rate and world oil prices when making investment decisions in the Indonesian capital market.

Further research could explore the impact of global economic uncertainty, such as geopolitical tensions or major shifts in international trade policies, on the JCI, considering the Indonesian capital markets increasing integration with the global economy. Additionally, a more in-depth analysis of investor behavior during the pandemic, including the role of retail investors and the influence of social media, could provide valuable insights into market dynamics. Finally, investigating the effectiveness of government policies and central bank interventions in stabilizing the JCI during times of crisis, and assessing their long-term consequences, would be beneficial for policymakers and market participants alike. These studies should utilize more sophisticated econometric models and consider a wider range of variables to provide a more comprehensive understanding of the factors driving the Indonesian stock market.

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