BBCA Hammered by Foreign Investors for Rp557 Billion; Shares Rebound to Around 6,800

Jakarta, CNBC Indonesia — PT Bank Central Asia Tbk (BBCA) has again become the target of foreign selling. In trading yesterday, Wednesday (4 March 2026), BBCA was the stock with the largest net foreign sell, at Rp557.7 billion. Foreign traders sold BBCA at an average price of Rp6,915.6.

The foreign selling pressure pushed BBCA down 2.83% to Rp6,875 yesterday. BBCA even touched a low of Rp6,825.

Thus, the foreign sell activity yesterday added to the year-to-date net foreign sell for BBCA. The bank-listed company, part of the Djarum group, was the stock most sold by foreigners with net sell of Rp17.52 trillion from the start of the year to 4 March 2026.

From a technical perspective, BBCA’s price is below short- and medium-term moving averages. The MA9 indicator sits around Rp7,489, while MA50 around Rp8,231. The price position below both lines indicates bearish momentum remains dominant.

The surge in volume as price fell also signals that some market participants were distributing. This suggests BBCA’s volatility remains fairly high in the short term.

Solstice Indonesia Managing Director Handiman said that the potential downgrade of Indonesia’s capital market by MSCI and the downgrade of the banking outlook by Moody’s have the biggest impact on BBCA. “BBCA’s weight in the index is the largest, at 25%-27%, so it is the most affected,” he said.

Similarly, Doo Financial Futures analyst Lukman Leong said that BBCA has a large weight in global indices and a high level of foreign ownership. “When EM allocation shifts or there is outflow from global funds, large-cap, highly liquid stocks like BBCA often become the primary liquidity source to be sold,” he said.

(mkh/mkh)