Reasons Behind Big Banks' Stock Plunge Ahead of Long Weekend
Jakarta, CNBC Indonesia – Major bank stocks plummeted in tandem with the Indonesian Stock Exchange Composite Index (IHSG) at the close of trading on Friday, 29 May 2026. The IHSG initially surged 87.69 points (1.43%) to 6,217.88 in the first session but closed slightly lower by 2.8 points (-0.05%) at 6,127.38. Most major banks closed in the red with significant selling pressure.
Capital markets analyst Elandry Pratama attributed the correction in big banks’ shares mainly to short-term profit-taking after the sector had rebounded significantly in the preceding days. ‘It is natural for some market participants to lock in profits ahead of the weekend,’ he told CNBC Indonesia on Friday.
He added that global market sentiment remains mixed, particularly regarding Federal Reserve interest rate expectations, US bond yields, and the rupiah’s weakness, which made foreign investors slightly more cautious towards the end of the session. Elandry also noted a shift in funds towards conglomerate and cyclical stocks, which have recently been more active, resulting in temporary capital outflows from big banks.
‘However, I view the correction as relatively normal and not altering the sector’s fundamental outlook, as liquidity and asset quality of major banks remain robust,’ he said. ‘Therefore, for medium-to-long-term investors, this appears to be healthy consolidation rather than a major trend reversal.’
According to trading data, PT Bank Tabungan Negara Tbk (BBTN) saw the steepest decline, dropping 5.22% to 1,270. Selling pressure also affected PT Bank Central Asia Tbk (BBCA), which fell 4.60% to 5,700 with a massive trading value of Rp5.82 trillion. PT Bank Rakyat Indonesia Tbk (BBRI) weakened 3.91% to 2,950 with a trading value of Rp3.19 trillion, while PT Bank Negara Indonesia Tbk (BBNI) fell 3.65% to 3,700. PT Bank Mandiri Tbk (BMRI) declined 1.21% to 4,080. Other private banks including PT Bank Danamon Indonesia Tbk (BDMN), PT Bank Pan Indonesia Tbk (PNBN), and PT Bank Maybank Indonesia Tbk (BNII) also closed in the red.
Amid banking sector pressure, only a few stocks managed to rise. PT Bank Syariah Indonesia Tbk (BRIS) led gains with a 2.59% increase to 1,980, followed by PT Bank Permata Tbk (BNLI) up 0.97% and PT Bank CIMB Niaga Tbk (BNGA) rising 0.31%.
Top 5 banking stocks with the largest declines today:
PT Bank Tabungan Negara Tbk (BBTN) – down 5.22% to 1,270
PT Bank Central Asia Tbk (BBCA) – down 4.60% to 5,700
PT Bank Rakyat Indonesia Tbk (BBRI) – down 3.91% to 2,950
PT Bank Negara Indonesia Tbk (BBNI) – down 3.65% to 3,700
PT Bank Danamon Indonesia Tbk (BDMN) – down 1.69% to 4,660