This study aims to analyze the movement of the global, macroeconomic stock price index on the joint stock price index listed on the Indonesian stock exchange through the global macroeconomic period from 2013 to 2018. The data used in this study are quantitative data. The data analysis method of this paper uses linear regression statistical analysis to assess the magnitude of the effect caused by the independent variables free from the Dow Jones Industrial Average Index, the Nikkei 225 Index, the Shanghai Composite Index, and the Trade Balance against related variables such as the Composite Stock Price Index, then using the method sobel test analysis to find out whether the mediating variable is capable of being an intervention variable, namely Federal Fund Rate for the independent variable on the variable used for a period of 6 years. And the results of the free partial variable have a significant influence on the output variable, and from the results of the sobel test are verified whether the mediating variable is worthy of being an intervening variable.


Keywords: JKSE, Global Index, Macro Economics, Sobel Test, Global index analysis, intervening