Analisis Reaksi Pasar Terhadap Pengumuman Peristiwa Kenaikan Harga Bahan Bakar Minyak (BBM) di Bursa Efek Indonesia Tahun 2022

Abstract

This study aims to analyze whether there are differences in abnormal returns and trading volume activity before and after the fuel price increase event on September 03, 2022. This research is a case study using companies from the food and beverage subsector and the transportation subsector listed on the Indonesia Stock Exchange (IDX) during the period August to September 2022. The method used in this research is an event study to understand how the Indonesian capital market reacts based on abnormal returns and trading volume activity during the observation period. Observations were conducted for 11 days, namely 5 days before the fuel price increase, 1 day on the day of the fuel price increase, and 5 days after. Samples were selected using purposive sampling method, which resulted in 25 companies as samples. The results showed that there was no difference in the average abnormal return before and after the fuel price increase event for both subsectors, and there was no difference in the average trading volume activity before and after the fuel price increase event for both subsectors. In this study, investors are expected to examine information in advance with respect to ongoing events before making investment decisions in the capital market.