Foreign Investors Show Mixed Sentiment on Indonesian Banking Stocks

Contrasting Movements in Major Bank Stocks

During the week of December 1-5, 2025, foreign investors displayed mixed sentiment towards Indonesian banking stocks. While they sold significant amounts of shares in some major banks, they simultaneously invested heavily in others. According to data from RTI, foreign investors net sold Rp1.7 trillion worth of BBRI shares, making it the most sold stock among the major banks. This selling pressure was accompanied by a 1.08% decline in BBRI's stock price to Rp3,650. On a year-to-date basis, BBRI's stock has decreased by 10.54%.

Divergent Trends Among Major Banks

In contrast to BBRI, PT Bank Mandiri (Persero) Tbk. (BMRI) saw a significant net buy of Rp609.8 billion from foreign investors during the same period. Despite this positive inflow, BMRI's stock price still edged down by 0.41% to Rp4,900. Year-to-date, BMRI's stock has corrected by 14.04%, but the strong foreign investment suggests that global investors still view the bank's fundamentals as robust. Other banks experienced mixed outcomes: PT Bank Central Asia Tbk. (BBCA) faced a net sell of Rp109.7 billion, while PT Bank Negara Indonesia (Persero) Tbk. (BBNI) recorded a net buy of Rp35.6 billion.

Market Implications

The contrasting foreign investor activity in these major banking stocks highlights the complex dynamics at play in Indonesia's financial markets. While some banks face selling pressure, others continue to attract foreign capital, indicating varying investor perceptions of their growth prospects and financial health. The significant investment in BMRI, despite its year-to-date decline, suggests that foreign investors see value in certain blue-chip banking stocks.