JAKARTA – Foreign investors have been increasingly reducing their holdings in PT Bank BTPN Syariah Tbk (BTPS) over the past week, following a significant drop in the stock price since the beginning of this year.

According to data from idnfinancials.com, as of 1:46 PM WIB today (26/11), BTPS stock has plummeted 44.91%, or 750 points, since the start of the year, to Rp920 per share. At the beginning of 2024, BTPS shares were still trading at Rp1,670 per share.

This sharp downturn in share price aligns with consistent selling activity by investors last week. During the trading week of November 18–22, the foreign buy volume for BTPS shares stood at 24.98 million shares, while foreign sell volume reached 43.72 million shares, resulting in a net foreign sell of 18.73 million shares.

The foreign sell-off of BTPS shares continued into the start of this week. On Monday (25/11), the foreign buy volume for BTPS shares totalled 35.03 million shares, while foreign sell volume reached 71.26 million shares, leading to a net foreign sell of 36.23 million shares.

From a fundamental perspective, BTPS's financial performance has also weakened significantly. The company's revenue for the first nine months (9M) of 2024 dropped by 4.7% year-on-year (yoy) to Rp4.1 trillion, while its net profit fell 22.9% yoy to Rp770.6 billion in the same period. (KR/ZH)