INDONESIAN CAPITAL MARKET'S REACTION TO MUI FATWA NOMOR 83 OF 2023: ANALYSIS OF ABNORMAL RETURNS AND TRADING VOLUME OF PT UNILEVER INDONESIA TBK SHARES

Abstract

This study aims to analyze the difference in stock prices of PT. Unilever Indonesia Tbk before and after the issuance of the Indonesian Ulema Council Fatwa Number 83 of 2023 concerning the law of support for the Palestinian struggle. This fatwa is expected to influence the perception of sharia investors in Indonesia who are very sensitive to religious issues related to the BDS (Boycott, Divestment, Sanctions) movement towards affected sharia stocks, especially UNVR shares. Using a quantitative approach, secondary data in the form of daily stock closing prices from the Indonesia Stock Exchange (IDX) were collected through a purposive sampling method during the period of the first quarter of 2023 to the second quarter of 2024. The data analysis techniques applied include Descriptive Statistics, Normality Test, and Wilcoxon Signed-Rank Test with the help of the SPSS 26 program. The results of the study show a significant decrease in the stock price of PT. Unilever Indonesia Tbk between the period before and after the fatwa, evidenced by a significance value of 0.000.

Keywords: Stock Price, Boycott Divestment Sanctions, Sharia Investors, MUI Fatwa