Seiring dengan diluncurkannya Jakarta Islamic Index (JII) yang berisi saham-saham yang memenuhj prinsip syariah di Bursa Efek Indonesia (BEl) maka peluang investasi dalam pasar modal menjadi terbuka bagi umat Islam. Umat Islam dapat melalrukan transaksi terbadap saham m melalui mekanisme perrlagangan yang telah ditetapkan oleh Badan Pengawas Pasar Modal dan Lembaga Keuangan (BAPEPAM-LK). Melalui Dokumen Master Plan Pasar Modal Indonesia 2005-2009, BAPEPAM-LK menjadikan online trading sebagai salah satu strategi untuk: meningkatkan peran serta masyarakat dalam berinvestasi di pasar modal mengingat prosentase pelaku pasar modal di Indonesia tergolongmasih rendah jika dibandingkan dengan negara tetangga.Dalam melakukan perdagangan di pasar modamasyru-alcal mengenal dua kelompok pelaku pasar yaitu trader dan investor. Saiah satu perbedaan dari keduanya terletak pada holding period atau periode menahan sualu saham sebelum kemudian dijual kembali Meskipun terdapat biaya transakel yang tidak kecil penggunaan online trading dipercaya akan mendorong semakin singkatnya holding period yang pendak. Penelitian ini membandingkan retwn dan risikosejumlah saham yang pensah tercatat dalam m mulai tahun 2005 sampai 2009berrlasarkan kelompok holding period dan trend pasar apabila ditransaksikandengan menggunakan online trading.Basil porhitungan teriladap 48 saham m memmjukkan bahwa holding period investor yang terdiri dari periode 2 bulan, 3 bulan dan 6 bulan memberikan return yang lebih besar dibandingkan dengan holding period trader yang bemnggotakan holding period I bari, 2 mlnggu dan 3 minggu. Seba!iknya risiko pada holding period investor terbukti lebih kecil dibendingkan dangan holding period tl1lder. Kondi•i ini berlaku beik unluk seluruh poriode pengamatan, ketika
Invesment opportunities in the capital marl<:& is open to Musiims along with the release of Jakarta Islamic Index (ill).The index contains stocks that meet the principles ofsharia in Indonesian Stock Exchange (BEl). Eventually, Muslims can perform transactions on the Jll stock through tmding mechanism estabiished by the Supervisory Agency of Capital Market and Financial Institution (BAPEPAM-LK).Through the Capital Market Master Plan Document 2005-2009, BAPEPAM-LK make online trading as a strategy to enhance the role of the community in the capital markets investment because of percentage of market actors in Indonesian is still low when compared with neighboring countries.In trading on capital markets, peop1e recognize two groups of market actors such as traders and investors. One of the differences of the two is the holding period or period of holding a stock before it been sold. Despite there is · transaction fees while using online trading but it is believed to shorten holding period. This researeb compares the return and the risk of a stock that bas bean listed in the m from 2005 to 2009 based on the gronp's holding period and market trends when transacted trough online trading.The calculation of the 48 m stocks show that the investor holding period consisting of period two months, three months and six months to provide a greater return than tbe traders holding period consist of holding period a day, two weeks and three weeks.On tbe other hand the risk in investor holding period proved to he small compered to trade111 holding period.This coodition occurs for the whole period of observation, when the market experienced a uptrend, downtrend or sideway. Fnrther testing showed that no significant dlfrerenoes on return of Investor holding period group members, it is concluded that return of two months holding period is same ro return of three montha and six months holding period. |
