A Study of the Infuence of the Changes of Stock Exchang Indices in Developed Stock Exchange on I slamic and Traditonal Stock Indeices in Emerging Stock Exchanges

The aim of this study is to identify the influence of the changes of stock indices in developed Stock Exchanges on Islamic and traditional stock indices in emerging Stock Exchanges. Therefore, we have measured the impact of the changes of Nikkei 225 index listed on the stock exchange of Tokyo (independent variable), on the indices:Jakarta Islamic Index (JII) and traditional index LQ45 listed onIndonesia Stock Exchange, and the indices: FTSE Islamic SGX Asia Shariah100 Index and traditional index Strait Times Index (STI) listed onSingapore Stock Exchanges (dependent variables). We have concludes that the Nikkei225 index has a positive impact on all studied indices; however, this effect is strongerfor the Indonesian indices compared with theSingaporean indices.