The Changes in World Oil Prices, Monetary Factors, and Foreign Index Toward Composite Index Movement： Indonesian Case for the Period of 2005-2011

Capital market is one of the drivers of the economy through the formation of capital investor excess as well as an indicator of a country＇s economy. Movement of stock price index is often influenced by many factors, derived from the company＇s performance, monetary factor, and changes in world oil prices. This study highlights the problem in world oil prices due to political turmoil in the Middle East. The samples are taken from the Jakarta Composite Stock Price Index （JCI）, oil prices, Indonesian inflation rate, Certificate of Bank Indonesia＇s （CBI） rate, and the reserve assets, during the period from January 2005 to December 2011 （84 months）. Using the data published by the Bank of Indonesia, reports of the Central Bureau of Statistics （Biro Pusat Statistik, BPS）, and other relevant sources, the data analyzed through the Eviews 7.1. The main objective of this study is to examine the effect of oil prices, foreign stock price index, and monetary variables （inflation rate, CBI rate, country＇s foreign reserves, and others） toward the JCI analyzed through the error correction model （ECM）. Hypothesis testing with the F-test for the 95% confidence level indicates that the oil price, exchange rate （Indonesian Rupiah （IDR）/United States Dollar （USD））, CBI rate, foreign exchange reserves, the Dow Jones Index, and the Taiwan stock index, both simultaneously as well as partially have a significant influence on the JCI.

The Magma-dynamic Mechaism of Emplacement and Compositional Zonation of the Zhoukoudian Stock, Beijing

The Zhoukoudian stock in Beijing is a concentric zoned complex intrusive body formed by two successive intrusions. Quartz-diorite formed by the first intrusion is scattered sparsely on the margins of the body, while granodiorite resulting from the second intrusion constitutes the main part of the intrusion. It exhibits three distinct petrographic zones macroscopically, and is chemically characterized by enrichment of high-temperature components, such as Mg, Ca, Sc, Ti, Cr, Mn. Fe and Co, on its border and merely slight enrichment of some low-temperature components, such as Na and Si, in its central part. A series of structural features indicate that the deformation of the intrusion and thermo-metamorphic rocks becomes weaker with an increase of distance from the contact, and that the intrusive body is a product of ballooning or inflating diapiric emplacement. Based on calculations of the density, viscosity and yield strength of magma and the reasonable diffusion constants and oxygen isotopic data, the mechanism of the compositional zonation of the major part of the stock is discussed. It is considered that the Soret effect, combined with double-diffusive convection, can explain the compositional zonation of the intrusion. Calculation of the ascent rates of magma shows that successive upwelling of magma got faster and faster with the progress of time.

Demonstration Study on the Intrinsic Characteristic of Stock Complex Index on Shanghai Security Market

This paper takes the Shanghai Security market stock composite index as the research object, analyzes its intrinsic fractal essence characteristics by the application of fractal theory and the method, and computes the Hurst index, fractal dimension and correlated function of the highest prices of the complex index. Moreover, it studies characteristics of long term memory of the sample data and its variance along with time; study existence of chaotic attractors in data of the complex index by reconstructing the phase space of the index data. Finally, this paper carries on the related forecast demonstration study to the stock composite index. Results of the study have certain reference function to the actual problem.