Abstract

This study analyzes the impact of the pro-Israel boycott movement on social media and the Indonesian Ulema Council (MUI) Fatwa No. 83 of 2023 on stock price fluctuations and trading volumes in the consumer sector listed on the Indonesia Stock Exchange (IDX). The research employs a quantitative causal-comparative approach using secondary data obtained from the IDX website and records of boycott movements on social media. The sample consists of five consumer companies affected by the boycott. The findings reveal that MUI Fatwa No. 83 of 2023 has a significant effect on stock price fluctuations but not on trading volume. In contrast, the social media boycott movement shows no significant impact on either stock price fluctuations or trading volume. The combined influence of both factors on price and volume fluctuations is relatively small, suggesting the presence of external factors beyond the scope of this study. These findings indicate that stock prices tend to respond more sensitively to religious and regulatory signals, whereas trading volume is shaped by investors’ rational considerations. This study offers theoretical contributions and practical implications for understanding capital market dynamics in relation to social issues and religious decrees.

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