Foreign investors made net purchases of Bank Central Asia (BBCA) shares worth Rp516.2 billion during the week of 2–6 November 2026. Over the same period they were net sellers of Bank Rakyat Indonesia (BBRI) shares, worth Rp411.8 billion, and Bank Mandiri (BMRI) shares, worth Rp221.1 billion, according to the flow data cited by analysts.
Analysts said the pattern does not yet show that foreign capital is returning to Indonesia’s stock market in a sustained way. M. Nafan Aji Gusta, Senior Technical Analyst at Mirae Asset, said the buying in large banks may reflect a strategy of accumulating fundamentally strong, highly liquid stocks amid market volatility. He said the BBRI and BMRI sales showed selectivity and portfolio rotation among the big banks.
Index weight and rebalancing
Elandry Pratama, an analyst and branch manager at Panin Sekuritas, said index weight was one factor. Foreign buying could also be part of a rotation and portfolio rebalancing strategy, he said.
KISI Sekuritas estimates that banking stocks now make up about 32 percent of the Indeks Harga Saham Gabungan (IHSG) after high shareholding concentration stocks were removed from the index calculation. The firm expects about 300 more stocks to be removed, which would raise the banks’ weight further.
Valuation and outlook
Analysts also pointed to liquidity and valuation after a correction as reasons banks draw interest.
Possible changes to Morgan Stanley Capital International (MSCI) index constituents are another factor cited in the commentary.
