Full breakdown of the ownership changes and price changes between 2024 and 2025 for the four major Indonesian banks ($BBCA, $BBRI, $BMRI, BBNI):


📊 1. BBCA
Local ownership: 6.62% → 7.63%
🔼 Change: +1.01% → +15.26% increase

Foreign ownership: 35.93% → 34.92%
🔽 Change: −1.01% → −2.81% decrease

Price: 9,825 → 8,600
🔽 Change: −1,225 → −12.47% decrease


📊 2. BBRI
Local ownership: 12.73% → 16.70%
🔼 Change: +3.97% → +31.19% increase

Foreign ownership: 34.07% → 30.11%
🔽 Change: −3.96% → −11.62% decrease

Price: 4,790 → 3,680
🔽 Change: −1,110 → −23.17% decrease


📊 3. BMRI
Local ownership: 14.53% → 16.67%
🔼 Change: +2.14% → +14.72% increase

Foreign ownership: 33.47% → 31.33%
🔽 Change: −2.14% → −6.39% decrease

Price: 6,250 → 4,740
🔽 Change: −1,510 → −24.16% decrease


📊 4. BBNI
Local ownership: 13.60% → 15.88%
🔼 Change: +2.28% → +16.76% increase

Foreign ownership: 26.38% → 24.10%
🔽 Change: −2.28% → −8.64% decrease

Price: 4,710 → 3,970
🔽 Change: −740 → −15.71% decrease


We can see that all foreign ownership dropped, while local ownership rose

To check for correlation between ownership and price change, we can use Pearson correlation coefficients (r) between:

Δ Local % vs Δ Price %

Δ Foreign % vs Δ Price %


We can see the visualized correlations below :

📉 Left chart: A weak negative correlation between local ownership increase and price drop (r = −0.40). The price tends to fall slightly even as local ownership rises.

📉 Right chart: A strong positive correlation between foreign ownership decrease and price drop (r = +0.92). The more foreign investors pull out, the more the stock price falls.

This suggests that foreign investor sentiment plays a major role in price movements for these major Indonesian banks