Foreign Investors Drive Demand for Indonesian Bank Stocks

Significant Buying Activity in State-Owned Banks

Foreign investors made substantial purchases of Indonesian bank stocks on November 13, 2025, particularly in state-owned banking institutions. PT Bank Mandiri (BMRI) led the buying activity with a net purchase value of Rp261.6 billion. This surge in foreign investment was accompanied by a 1.71% increase in BMRI's share price, closing at Rp4,760. Despite the daily gain, BMRI's year-to-date performance remains negative at -16.49%.

Other Banks Attracting Foreign Investment

Other major banks also attracted significant foreign investment:

• PT Bank Central Asia (BBCA): Rp145.02 billion net purchase, with share price rising 1.19% to Rp8,500
• PT Bank Negara Indonesia (BBNI): Rp72.52 billion net purchase, with share price up 0.9% to Rp4,460
• PT Bank Tabungan Negara (BBTN): Rp6.25 billion net purchase, with share price rising 0.83% to Rp1,210

Contrasting Performance in Digital Banks

In contrast, some digital banks experienced foreign investor selling:

• PT Bank Jago (ARTO): Rp15.24 billion net sell, with share price down 3.83% to Rp2,010
• PT Bank Neo Commerce (BBYB): Rp4.41 billion net sell, with share price down 1.06% to Rp380
• PT Bank Rakyat Indonesia (BBRI): Rp2.34 billion net sell, though share price rose 0.26% to Rp3,900

Market Implications

The divergent foreign investor behavior between state-owned banks and digital banks reflects different market perceptions of these categories. State-owned banks continue to attract foreign investment due to their perceived stability and market dominance. Digital banks, while showing some positive year-to-date performance, faced selling pressure that affected their share prices.