PENGARUH TINGKAT SUKU BUNGA DEPOSITO BANK UMUM TERHADAP INDEKS HARGA SAHAM GABUNGAN (IHSG) DI BURSA EFEK JAKARTA

Deposit Interest Rate of Commercial Bank which ever have fluctuation represented one of the factor influencing Composite Stock Price Index (CSPI) in capital market. CSPI continue to have fluctuation follow distortion deposit interest rate. This matter prove the existence of related among economics indicator namely rate of interest with condition of capital market which is reflected by growth of CSPI. This research aim to be: first, to know growth of Deposit Interest Rate of Commercial Bank during period 2001-2004; second, to know growth of CSPI in Jakarta Stock Exchange during period 2001-2004; third, to know the level of influence Deposit Interest Rate of Commercial Bank to Composite Stock Price Index (CSPI) in Jakarta Stock Exchange during period 2001-2004. Research method used descriptive analysis method with approach of verificative. Technique withdrawal of sampel use purposive sampling and the sampel which is used in research counted 48 sampel data with monthly capacities. Technique data collecting is taken field research and bibliography study. Then, data is analysed by using analysis of regression, correlation, determination and t-test. To strengthen research, used statistical test of application program of SPSS 11.5 for windows. Result of research showed that, there are negative and strong relation or inversely proportional among Deposit Interest Rate of Commercial Bank level with Composite Stock Price Index (CSPI). It means, if Deposit Interest Rate of Commercial Bank level go down, hence Composite Stock Price Index (CSPI) will go up, and if Deposit Interest Rate of Commercial Bank level go up, hence Composite Stock Price Index (CSPI) will go down. It’s matter that investors have preference to make their investment optimally, because between share investment and deposit is substitusion. The level of CSPI influenced by Deposit Interest Rate of Commercial Bank level equal to 72,3%, the rest equal to 27,7% influenced by other factor. Result of hypothesis test showed that Deposit Interest Rate of Commercial Bank level have effect to Composite Stock Price Index (CSPI) in Jakarta Stock Exchange.