Abstract

The capital market plays a crucial role in the global economy, particularly within Indonesia's industrial sector. This study sought to examine the influence of macroeconomic indicators and international stock indices on the domestic mining sector stock index. The Autoregressive Distributed Lag (ARDL) approach was employed to analyse secondary data collected as monthly time series spanning January 2010 to December 2021. The ARDL estimation of first differences revealed that inflation, exchange rates, crude oil prices, and the US stock index (S&P 500) significantly impacted the Jakarta Islamic Index (JII). Conversely, inflation, the Thai mining sector stock index (SET), the Philippine mining sector stock index (PHS), and the S&P 500 exerted significant effects on the Indonesia Stock Exchange (IDX) mining sector index. In summary, the JII and IDX models were predominantly influenced by macroeconomic indicators and international stock indices, respectively.