Flooring Guide by Cinvex – JAKARTA – Indonesian bank stocks largely rallied on Wednesday, November 19, 2025, after Bank Indonesia (BI) decided to hold its benchmark interest rate, the BI Rate, steady at 4.75% during its November Board of Governors Meeting.
Shares of PT Bank Central Asia Tbk. (BBCA), PT Bank Mandiri (Persero) Tbk. (BMRI), PT Bank Rakyat Indonesia (Persero) Tbk. (BBRI), and PT Bank Negara Indonesia (Persero) Tbk. (BBNI) all experienced gains.
However, PT Bank Syariah Indonesia Tbk. (BRIS) and PT Bank Tabungan Negara (Persero) Tbk. (BBTN) shares ended the trading day in negative territory.
Read More: BI Governor Again Urges Banks to Lower Lending Rates
BMRI shares saw the biggest increase among the five banks, rising 1.25%, or 60 points, to Rp4,850 per share. Nevertheless, year-to-date (YTD), the stock of the bank with the golden ribbon logo is down significantly by 14.91%, or 850 points.
The situation was similar for other bank stocks. BBCA shares strengthened by 0.89%, or 75 points, to Rp8,475 per share. Despite this, BBCA shares have fallen by 12.40% or 1,200 points year-to-date.
Read More: BI Holds Interest Rates Steady; Can it Attract Foreign Inflow to the Bond Market?
BBRI shares increased by 0.76%, or 30 points, to Rp4,000 per share. Year-to-date, the shares of Indonesia’s largest state-owned bank are down 1.96% YTD, or 80 points.
Meanwhile, BBNI shares remained stable at Rp4,460 per share in Wednesday’s trading. Year-to-date, the stock of the bank with the number 46 logo has risen by 2.53% YTD, or 110 points.
Read More: BI Keeps BI Rate at 4.75%!
On the other hand, BBTN and BRIS shares closed in the red, with BBTN experiencing the deepest decline of the day.
BBTN shares fell by 0.83%, or 10 points, to Rp1,200 per share. Even so, BBTN shares are up 5.26% YTD, or 60 points.
BRIS shares also declined, falling by 0.40%, or 10 points, to Rp2,460 per share, down 9.89% YTD, or 270 points.
According to M. Nafan Aji Gusta, Senior Market Analyst at Mirae Asset Sekuritas Indonesia, the strengthening of the “big four” banks’ shares is closely related to BI’s decision to maintain the BI Rate at 4.75%.
He believes that holding the BI Rate helps maintain market stability and prevents potential capital outflows from the bond market. This situation fosters positive sentiment for large-cap banking stocks.
“The big four banks experienced gains because they received a positive catalyst from Bank Indonesia’s policy of holding the benchmark interest rate at 4.75%,” Nafan told Bisnis on Wednesday.
Nafan also mentioned that the stock market had previously experienced pressure from net foreign selling, which caused the Jakarta Composite Index (IHSG) to undergo a reasonable correction.
However, he noted that the index rebounded at the opening of trading on Wednesday, driven by a recovery in large-cap stocks, including the big four banks.
Nafan explained that BI’s decision to hold interest rates not only reflects a pro-stability stance but also a commitment to supporting economic growth. This sentiment is considered beneficial for the banking sector, especially for large banks with strong liquidity.
Conversely, banks with more limited liquidity or those not part of the big four are not expected to feel a significant impact from the interest rate policy.